Renowned billionaire investor Steve Cohen has purchased almost 19 million shares of Cybin.
According to a September 14th SEC filing, Cohen’s hedge fund Point72 Asset Management purchased 18,950,000 shares of Cybin (NYSE-A:CYBN, NEO:CYBN) — representing an approximate 8.1% stake in Cybin.
Cohen is a well-known biotech investor, investing in firms focused on developing new therapeutic and drug compounds. He has also supported psychedelic research in the past with major donations to MAPS.
This large investment through his hedge fund, however, moves his support from personal to the professional, signaling to mainstream institutional investors that psychedelic medicine may be worth a serious closer look. It not only adds credibility to the sector’s investment thesis but shows that Cybin, after its recent acquisition of Small Pharma,
might be a firm with a very interesting value proposition for investors.
Cybin’s stock was up almost 20% today on the news.
