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Investing.com - Cantor Fitzgerald has reiterated its Overweight rating on Cybin Inc. (NYSE:CYBN), a $155 million market cap company developing psychedelic-based therapeutics for mental health conditions. This aligns with the broader analyst consensus, as InvestingPro data shows strong buy recommendations from covering analysts.
The firm highlighted what it describes as a "major shift unfolding in psychiatry" with mental health professionals becoming more receptive to new therapeutic classes including psychedelics and their transformative potential in treatment. While the company maintains a healthy current ratio of 9.87 and holds more cash than debt, InvestingPro analysis indicates the stock is currently undervalued relative to its Fair Value.
Cantor Fitzgerald specifically noted Cybin’s lead candidate CYB003, an oral deuterated psilocin with Breakthrough Designation from the FDA, which is being developed as an adjunctive therapy for major depressive disorder (MDD).
The research firm pointed to Phase 2 proof-of-concept data suggesting that a two-dose treatment regimen of CYB003 results in an "efficacious and durable response," potentially shifting the MDD treatment paradigm from chronic to intermittent dosing when used alongside standard-of-care SSRI medications.
Cybin’s potential market opportunity was emphasized in the report, with MDD described as a "multi-$B opportunity" where even capturing a small fraction of patients could translate to significant revenue, with additional expansion possibilities into other psychiatric disorders including generalized anxiety disorder and PTSD. Despite the stock’s YTD decline of over 30%, InvestingPro subscribers have access to 7 additional key insights about Cybin’s financial health and growth prospects.
In other recent news, Cybin Inc . has completed enrollment in its Phase 2 clinical trial for CYB004, a deuterated dimethyltryptamine (DMT) program aimed at treating Generalized Anxiety Disorder. The study involves 36 participants who were randomized to receive different dosages of CYB004 to evaluate its safety and efficacy over 12 weeks. Additionally, Cybin is progressing with its Phase 3 studies for CYB003, a deuterated psilocin analog, targeting Major Depressive Disorder, with the EMBRACE study receiving approvals from both the UK and Irish regulatory bodies. The EMBRACE study is part of Cybin’s PARADIGM program and plans to enroll 330 participants across multiple countries. Meanwhile, H.C. Wainwright has reiterated its Buy rating for Cybin, maintaining a price target of $150, highlighting the completion of enrollment in the CYB004 trial as a significant upcoming catalyst. Cybin’s CYB003 has also been granted Breakthrough Therapy Designation by the U.S. Food and Drug Administration. These developments reflect the company’s ongoing efforts in advancing its clinical programs in neuropsychiatry.
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