Last week we reported that Roth Capital Doubles Down on Cybin After DMT Acquisition, showing that Wall Street has taken notice of Cybin’s move to acquire Entheon Biomedical’s DMT trial. Now we have another major analyst, Canaccord Genuity, coming out with strong buy ratings for Cybin.
The investment firm, who we should note is heavily involved as an investor and agent in capital raises for psychedelic medicine companies, has reiterated their Buy rating for Cybin and given them a $7 price target. This is over 10x the current share price.
The report states the acquisition of the new DMT and how it will accelerate Cybin’s development time of CYB-004, their DMT candidate drug. They also mention that despite a depressed stock price, Cybin is still undervalued when its long-term potential for drug approval is taken into consideration.
Price prediction is a notoriously shaky endeavor, and these specific targets should be taken with substantial grains of salt. Still, these are investment professionals who’ve done more research on the topic than most, and the fact they’re willing to put their names behind such bullish predictions should give potential investors some degree of confidence in the firm’s long-term prospects.
See below for a look at their summary and see here for the full report
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