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

11.82

Mkt cap

232M

Volume

2.1M

High

12.95

P/E Ratio

-2.14

52-wk high

21.66

Low

11.30

Div yield

N/A

52-wk low

6.50

Hedge fund owner Steve Cohen has invested $19 million in Cybin, causing the company's shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 7:53 pm

Billionaire Steve Cohen has invested nearly $19 million in Cybin Inc. (NYSE:CYBN) through his Point72 asset management firm, which now owns over 8% of Cybin's stock. This is Point72's first public position in a psychedelics company. In other news, billionaire Blake Mycoskie has updated on his $100 million pledge for psychedelics research, stating that he has already donated $11 million, including investments in MindMed (NASDAQ: MNMD), atai Life Sciences (NASDAQ:ATAI), and MAPS PBC.

Portfolio Pulse from Lara Goldstein

September 18, 2023 | 7:10 pm

NY-based consulting firm Research Nester predicts the global market for psychedelic substances will grow at a CAGR of around 14% over the next 12 years, reaching $12 billion by 2035. The report features key players such as COMPASS Pathways, Silo Pharma, Numinus Wellness, Cybin, Mind Medicine, PharmaTher Holdings, atai Life Sciences, Jazz Pharmaceuticals, Janssen Pharmaceuticals, and Pfizer. The growth is attributed to increased demand for psychedelic drugs to treat mental health issues, reduced production costs due to the pandemic, and increased investment in R&D.

Portfolio Pulse from Lara Goldstein

September 12, 2023 | 8:35 pm

The Usona Institute has shared positive results from its Phase 2 trial assessing a single 25mg synthetic psilocybin dose for adults with Major Depressive Disorder. COMPASS Pathways (NASDAQ:CMPS) has also shared results from research on its novel AI technologies to support proprietary COMP360 psilocybin treatment for Treatment-Resistant Depression. In the UK, drug policy reform is underway, with a report urging the reclassification of psilocybin mushrooms and other psychedelics to Schedule 2. Several US states are also moving reform bills concerning the study or legalization of psychedelic substances for therapeutic purposes. The AdvisorShares Psychedelics ETF (NYSE:PSIL) opened at $1.79 on September 5, recovering from the prior week’s $1.65.

Portfolio Pulse from Lara Goldstein

September 11, 2023 | 1:34 pm

The U.S. Patent and Trademark Office has granted a new patent to Cybin Inc. (NYSE:CYBN) for the composition of matter of deuterated 5-MeO-DMT analogs and their pharmaceutical compositions. This strengthens Cybin's position in the development of therapeutics for mental health conditions. The company's CEO, Doug Drysdale, sees this as a timely development considering their upcoming merger with Small Pharma (OTC:DMTTF). The combined intellectual property of the two companies will provide an opportunity to develop novel therapeutics for patients in need of improved treatment options.

Portfolio Pulse from Lara Goldstein

September 05, 2023 | 6:48 pm

Several mergers and acquisitions have been announced in the psychedelics sector. Cybin (NYSE:CYBN) is acquiring Small Pharma (OTC:DMTTF), Silo Wellness (OTC:SILFF) is buying NUGL Inc./Kaya Group (OTC:NUGL), and Mindset Pharma (OTC:MSSTF) is being acquired by Otsuka America Inc., part of Otsuka Holdings (OTC:OTSKF). Additionally, Psyched Wellness (OTC:PSYCF) is set to receive $7.5M in financing. The AdvisorShares Psychedelics ETF (NYSE:PSIL) has seen a slight increase in its share price.

Portfolio Pulse from Lara Goldstein

September 05, 2023 | 2:08 pm

Cybin Inc. (NYSE:CYBN), a clinical-stage biopharmaceutical company, has been granted a US patent for deuterated tryptamine compounds and pharmaceutical compositions thereof, with exclusivity until 2041. The patent covers deuterated 5-methoxy-dimethyltryptamine analogs in the company's pre-clinical deuterated tryptamine portfolio and strengthens Cybin's position in the development of potential therapeutics for the treatment of mental health conditions.

Portfolio Pulse from Benzinga Newsdesk

September 05, 2023 | 11:31 am

Cybin (AMEX:CYBN) has received 11 analyst ratings in the last quarter, with 7 being bullish, 4 somewhat bullish, and none being indifferent, somewhat bearish, or bearish. The average 12-month price target for Cybin is $5.64, a 13.23% decrease from the previous average price target of $6.50.

Portfolio Pulse from Benzinga Insights

September 01, 2023 | 4:00 pm

Canaccord Genuity analyst Sumant Kulkarni has reiterated a 'Buy' rating on Cybin (AMEX:CYBN) and maintained a $5 price target.

Portfolio Pulse from Benzinga Newsdesk

September 01, 2023 | 2:33 pm

Mindset Pharma (OTC:MSSTF) has agreed to acquire all outstanding shares of Otsuka America Inc., the U.S. arm of Otsuka Pharmaceutical Co., for approximately $60 million. The transaction is expected to close on or around October 19, 2023. This acquisition follows Mindset's partnership with Otsuka’s McQuade Center for Strategic Research and Development (MSRD) in January 2022. The deal is seen as a way to maximize Mindset’s IP portfolio and assets value.

Portfolio Pulse from Lara Goldstein

August 31, 2023 | 5:54 pm

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