Cybin's Price Target Reduced by 50% by HC Wainwright & Co. Analyst

HC Wainwright & Co.'s Patrick Trucchio lowered their price target on Cybin (NYSEMKT: CYBN) by 50% from $10 to $5 on 2023/11/17. The analyst maintained their Buy rating on the stock.

Trucchio explained that the price target reduction was due to the company's equity issuances being tied to the acquisition of Small Pharma and capital raises. Despite this adjustment, Trucchio emphasized that HC Wainwright & Co. continues to view Cybin's psychiatry pipeline as one of the leaders in the space.

Silence Therapeutics PLC also experienced a change in its price target on the same date. HC Wainwright & Co. lowered their price target on Silence Therapeutics PLC by -6.3%, decreasing it from $80 to $75. However, the analyst maintained their Buy rating on the stock.

As for Cybin, 100% of the top-rated analysts currently rate it as a Strong Buy or Buy. Notably, none of the analysts consider it a Hold, and none recommend or strongly recommend selling the stock.

In terms of performance, CYBN has shown a year-over-year increase of 2.7%. However, it is trailing behind the S&P 500, which has experienced a significant growth of 15.2% during the same period.

HC Wainwright & Co. analyst Patrick Trucchio's ranking on WallStreetZen places him in the bottom 1% out of 4,402 Wall Street analysts. Trucchio has an average return of -22.1% and a 21.3% win rate. His expertise lies in the Technology and Healthcare sectors.

Cybin Inc., the subject of Trucchio's analysis, is a biotechnology company headquartered in Toronto, Canada. The company focuses on researching and progressing psychedelic therapeutics for psychiatric disorders. Additionally, Cybin has developed EMBARK, a psychedelic-assisted psychotherapy. Their development pipeline includes drugs such as CYB003, CYB004, and CYB005.

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