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On Thursday, H.C. Wainwright analyst Pat Trucchio adjusted the price target for Cybin Inc. (NYSE:CYBN) stock, lowering it to $150.00 from the previous $190.00 while maintaining a Buy rating on the company. Currently trading at $9.36, the stock sits within a broad analyst target range of $24.63 to $190.95. According to InvestingPro analysis, the company’s current market capitalization stands at $196.9 million. The revision follows Cybin’s financial report for the third quarter of fiscal year 2025 and updates on its leading compounds, CYB003 and CYB004, which are being developed for major depressive disorder (MDD) and generalized anxiety disorder (GAD), respectively. InvestingPro data reveals the company maintains a strong liquidity position with a current ratio of 12.6, though it’s currently experiencing rapid cash burn - one of several key insights available to Pro subscribers.
Cybin announced that it is on schedule to release top-line data from the Phase 2a trial of CYB004 for GAD by the end of the first quarter of 2025. Positive results could potentially lead to Phase 3 development for the treatment of GAD. Meanwhile, the first pivotal trial from the Phase 3 program (PARADIGM) for CYB003 as an adjunctive treatment for MDD is underway, with results expected in mid-2026. Additionally, the company plans to initiate two more pivotal studies in the PARADIGM program around mid-2025.
Despite the reduction in the price target, Trucchio expressed continued optimism for Cybin’s programs, particularly CYB004, which is believed to have the potential to become a blockbuster drug if approved. The adjustment in the price target to $150 per share reflects a revised timeline for the potential commercial launch of CYB004 in GAD to fiscal year 2028, a year later than previously estimated. For deeper insights into Cybin’s financial health and growth potential, InvestingPro subscribers can access comprehensive analysis including Fair Value estimates and over 30 additional financial metrics.
The update also takes into account the competitive landscape in the psychedelics space for depression treatments. The fine-tuning of estimates was based on the latest filings and financial data from Cybin, leading to the moderate decrease in the price target. H.C. Wainwright reaffirmed its confidence in Cybin’s stock by reiterating a Buy rating.
In other recent news, Cybin Inc. has been the subject of several analyst notes and significant company developments. Canaccord Genuity has revised its price target for Cybin’s shares to $73, maintaining a Buy rating, while H.C. Wainwright has reaffirmed its Buy rating with a steady price target of $190. Both firms express confidence in Cybin’s investigational therapies for major depressive disorder (MDD) and generalized anxiety disorder (GAD), with Canaccord assigning a 40% probability of approval for Cybin’s CYB003.
Cybin has recently initiated a multinational Phase 3 program in partnership with Segal Trials to evaluate CYB003 for MDD treatment. This follows promising Phase 2 data showing a 12-month remission from depression symptoms in 71% of patients. The company plans to enroll approximately 550 patients across over 40 clinical sites in the United States and Europe.
Furthermore, Cybin has announced results from its 12-month Phase 2 study of CYB003, showing all participants responded to treatment, with 71% achieving remission after two 16 mg doses. The company has also initiated its Phase 3 PARADIGM multinational pivotal program to further evaluate the efficacy and safety of CYB003 in a larger MDD population. These are among the recent developments for Cybin, as the company continues its work towards potential regulatory approval and commercialization of its therapies.
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