Cybin (NYSEAMERICAN:CYBN) Stock Price Expected to Rise, Guggenheim Analyst Says

Cybin (NYSEAMERICAN:CYBN - Get Free Report) had its target price increased by equities research analysts at Guggenheim from $39.00 to $48.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock.Cybin Stock Up 3.8%Cybin stock traded up $0.21 on Wednesday, hitting $5.72. 256,134 shares of the stock traded hands, compared to its average volume of 466,019. Cybin has a 1 year low of $4.81 and a 1 year high of $10.80. The firm has a market cap of $144.01 million, a P/E ratio of -1.47 and a beta of 0.67. The company has a current ratio of 8.58, a quick ratio of 8.58 and a debt-to-equity ratio of 0.21. The business's fifty day simple moving average is $6.17 and its 200 day simple moving average is $7.03.Institutional Trading of CybinA number of hedge funds have recently made changes to their positions in CYBN. National Bank of Canada FI increased its position in Cybin by 3,546.5% during the 1st quarter. National Bank of Canada FI now owns 5,251 shares of the company's stock valued at $33,000 after buying an additional 5,107 shares in the last quarter. Osaic Holdings Inc. grew its stake in shares of Cybin by 46.7% in the second quarter. Osaic Holdings Inc. now owns 7,543 shares of the company's stock worth $63,000 after acquiring an additional 2,400 shares during the last quarter. Cowa LLC grew its stake in shares of Cybin by 12.8% in the second quarter. Cowa LLC now owns 13,200 shares of the company's stock worth $111,000 after acquiring an additional 1,500 shares during the last quarter. PEAK6 LLC bought a new position in shares of Cybin during the first quarter valued at $167,000. Finally, Bank of America Corp DE raised its position in shares of Cybin by 66.8% in the 2nd quarter. Bank of America Corp DE now owns 29,443 shares of the company's stock worth $247,000 after purchasing an additional 11,790 shares during the last quarter. 17.94% of the stock is owned by institutional investors. About Cybin (Get Free Report)Cybin Inc, a clinical-stage biopharmaceutical company, focuses on developing psychedelic-based therapeutics for patients with mental health conditions. The company's development pipeline includes CYB003, a deuterated psilocybin analog, which is in phase 1/2a clinical trial to treat major depressive disorder (MDD), as well as in preclinical trials for alcohol use disorder; CYB004, a deuterated dimethyltryptamine (DMT), which completed phase 2 clinical trial for treating generalized anxiety disorders; SPL028 injectable deuterated DMT completed phase 1 clinical intramuscular and intravenous trial; SPL026 completed phase 1, 1b, and 1/2a for MDD; and CYB005, a phenethylamine derivative, which in preclinical stage to treat neuroinflammation, as well as has a research pipeline of investigational psychedelic-based compounds.See AlsoFive stocks we like better than CybinWhat is the Shanghai Stock Exchange Composite Index?The AI Boom Is Powering an Unexpected Stock Surge—And These 3 Companies Are Winning BigWant to Profit on the Downtrend? Downtrends, Explained.The Bulls Are Back—Why Qualcomm Stock Is Gaining Strength AgainETF Screener: Uses and Step-by-Step Guide Netflix Goes All In: The $70B Play to End the Streaming WarsThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Cybin Right Now?Before you consider Cybin, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Cybin wasn't on the list.While Cybin currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here