Cybin Inc. (CYBN) PT Lowered to $73 at Canaccord Genuity

Canaccord Genuity analyst Sumant Kulkarni lowered the price target on Cybin Inc. (NYSE: CYBN) to $73.00 (from $86.00) while maintaining a Buy rating.

The analyst commented: "We continue to model a 40% probability of approval for CYB003 as an adjunct treatment for MDD. We still assume a launch in FY2029 (ends in Mar-2028E). Our peak unadjusted sales are also unchanged at C$4.0bn in F2036E. We also continue to exclude any additional indications for CYB003, or other pipeline products such as CYB004 (deuterated DMT), which is in a Phase 2 trial for GAD, which is also a relatively large indication with high unmet need. Given CYBN is now in a pivotal Phase 3 program, we are raising our R&D expenses in F2025/26E. We also assume a modest raise of US$25mn around mid-C2025E to support development activity, and continue to model a more substantial raise on the ack of potential positive Phase 3 data for CYB003 in F2027E. As a reminder, CYBN had C
$136.3mn as of 12/31/24 and recently instituted a $100mn at-the-market (ATM) program. To derive our US$-based price target, we now assume an exchange rate of $0.70USD/CAD (vs. $0.73 earlier). Based on these changes our DCF-based price target goes from US$86 to US$73."

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Mosaic sets pricing for tender offers on up to $1.4B in debt
• Phillips 66, Marathon Merger Talks Collapsed - Semafor