Streetbeat News

CYBN

Cybin Inc.

https://www.cybin.com

Industry

Biotechnology

Cybin Inc., a biopharmaceutical company, focuses on developing psychedelic-based therapeutics. The company's development pipeline includes CYB003, a deuterated psilocybin analog to treat major depressive and alcohol use disorders; CYB004, a deuterated dimethyltryptamine for treating anxiety disorders; and CYB005, a phenethylamine derivative to treat neuroinflammation. It has also developed EMBARK, a psychedelic-assisted psychotherapy. The company is headquartered in Toronto, Canada.

Open

11.38

Mkt cap

216M

Volume

529K

High

12.00

P/E Ratio

-1.98

52-wk high

21.66

Low

10.52

Div yield

N/A

52-wk low

6.50

Cantor Fitzgerald analyst Charles Duncan has reiterated an Overweight rating on Cybin (AMEX:CYBN) and maintained a $3 price target.

Portfolio Pulse from richadhand@benzinga.com

August 22, 2023 | 1:41 pm

A recent study by the Federal Reserve indicates that cannabis and psychedelics consumption has reached all-time highs in 2022, particularly among adults aged 35-50. In other news, COMPASS Pathways (NASDAQ:CMPS) has entered into a securities purchase agreement for an initial $125 million and a potential additional $160 million, while MindMed (NASDAQ:MNMD) has secured a $50 million senior secured credit facility with K2 HealthVentures. The AdvisorShares Psychedelics ETF (NYSE:PSIL) opened at $1.8 on August 14, slightly below prior openings.

Portfolio Pulse from Lara Goldstein

August 21, 2023 | 2:55 pm

Cybin Inc. (NYSE:CYBN) has initiated preparations for good manufacturing practices (GMP) production of a capsule formulation of CYB003, its proprietary deuterated psilocybin analog in development for the potential treatment of Major Depressive Disorder (MDD). The company plans to ship CYB003 capsules to clinical sites in Q1 2024. The company has also been granted a U.S. patent for the composition of matter claims and treatment methods in support of the CYB003 program until 2041.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 12:04 pm

Clinical-stage biotech company Cybin Inc. (NYSE:CYBN) has received a U.S. patent for deuterated tryptamines, including the novel psilocybin analog in the company’s CYB003 investigational program and novel DMT analog in its CYB004 program. The patent is expected to provide exclusivity until 2041 and covers methods of treating Major Depressive Disorder (MDD) and Treatment-Resistant Depression (TRD). Private biopharma company Psilera Inc. has received a USPTO notice of allowance for its filed patent application around novel compositions of matter and pharmaceutical compositions.

Portfolio Pulse from Lara Goldstein

August 16, 2023 | 7:16 pm

Over the past 3 months, 6 analysts have published their opinion on Cybin (AMEX:CYBN) stock. The company has an average price target of $6.17, a decrease of 5.08% from the previous average price target of $6.50. The majority of the ratings are bullish.

Portfolio Pulse from Benzinga Insights

August 15, 2023 | 9:00 pm

HC Wainwright & Co. analyst Patrick Trucchio has reiterated a 'Buy' rating on Cybin (AMEX:CYBN) and maintained a $10 price target.

Portfolio Pulse from richadhand@benzinga.com

August 15, 2023 | 3:50 pm

US Treasury Secretary Janet Yellen recently shared her experience of consuming a psychedelic mushroom dish in China, which did not have any hallucinogenic effects. The incident has sparked discussions around psychedelic substances and their potential therapeutic uses. Yellen has previously expressed frustration over the barriers faced by the marijuana industry due to federal prohibition. The National Institute on Drug Abuse (NIDA) and the Food and Drug Administration (FDA) are also actively involved in research and policy-making around psychedelics.

Portfolio Pulse from Happy Mohamed

August 15, 2023 | 3:48 pm

Cybin Inc. has been granted a U.S. patent for its proprietary deuterated psilocybin analog in the CYB003 program. The patent covers composition of matter claims and treatment methods until 2041. The company's intellectual property portfolio now includes 2 granted U.S. patents and over 50 pending patent applications across 6 patent families. CYB003 is currently being evaluated in a Phase 2 clinical trial for the treatment of major depressive disorder. The company expects to report topline Phase 2 efficacy data for CYB003 in Q3/Q4 2023.

Portfolio Pulse from Happy Mohamed

August 15, 2023 | 12:00 pm

Cybin (NYSE:CYBN) has released its Q1 2023 financial results, showing a total cash of $6.9 million, a decrease of 20.5% from the previous year. The company's R&D expenses were $4.7 million, slightly higher than the $4.5 million spent in the same period in 2022. Cybin is currently developing CYB003 and CYB004, treatments for Major Depressive Disorder and Generalized Anxiety Disorder respectively. The company expects topline data for both programs later this year.

Portfolio Pulse from Lara Goldstein

August 14, 2023 | 10:08 pm

The American Psychedelic Practitioners Association and BrainFutures have published the first-ever professional practice guidelines for psychedelic-assisted therapy. Algernon NeuroScience, a subsidiary of Algernon Pharmaceuticals, has finalized its clinical trial design for a phase 2 DMT stroke study. Atai Life Sciences, MindMed, and COMPASS Pathways have reported their Q2 2023 financial results. AdvisorShares Psychedelics ETF has seen a decrease in its weekly performance.

Portfolio Pulse from Lara Goldstein

August 14, 2023 | 1:47 pm

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