Cybin has been on a nice little run, and the streak continues.
Most recently, the company made the big jump to the NYSE American exchange, becoming the first psychedelic company to debut on the NYSE. In July, Cybin announced an exclusive research and development agreement with one of the largest in-person mental health providers in the U.S., giving it a foothold into the US clinic market. And there’s been a consistent streak of major analysts giving Cybin extremely positive ratings and price targets.
Now we have news that another major investment firm, Cantor Fitzgerald, has given Cybin positive coverage.
Cantor Fitzgerald initiates coverage on Cybin
Cantor Fitzgerald is a financial services firm that operates as an investment bank and brokerage company, serving customers worldwide. Cantor is a major name in the investment world and they’ve released an in-depth analysis of both Cybin and the psychedelic medicine industry.
At 39 pages, the analysis goes into impressive detail. Here are the major takeaways:
Cybin’s rating and price target
Cantor gives Cybin (CYBN) a very bullish Overweight rating and a 12-month price target of US$9.00 (“overweight” means the analyst thinks a stock will outperform its sector average).
Cybin’s current price, as of this writing, is US$2.28 per share. Meaning the analyst is predicting an approximate 300% price increase in the next 12 months. Very bullish indeed.
Analysis on Cybin’s product and market potential
The primary reason for the positive report is Cybin’s lead candidate drug, CYB001. This psilocybin compound is delivered in a sublingual formulation aimed at treating major depressive disorder (MDD). The drug is entering advanced-stage Phase 2a/2b clinical trials.
This sublingual delivery could be Cybin’s key competitive advantage and differentiating factor, as many psilocybin competitors use traditional oral formulations. Sublingual formulation, it is proposed, may result in faster onset, meaning faster-acting results that will help shorten times of therapy sessions – a major potential bottleneck in the delivery of psychedelics.
The report also mentions the huge market for mental health medications, Cybin’s expanding product pipeline, and its solid cash position, estimated at approx CAD$87.5 million.
For a full breakdown on these and other points, as well as deeper dive into the Cybin business proposal, see the full report here.
Overall, this was another positive piece of news for the company and support for the company’s current development plan.
Note: Following on this subject Stifel has just released an update to their Cybin coverage, reiterating their Buy rating and bullish CAD$15 target