Cybin Inc. (CYBN) PT Lowered to $55 at H.C. Wainwright

H.C. Wainwright analyst Pat Trucchio lowered the price target on Cybin Inc. (NYSE: CYBN) to $55.00 (from $150.00) while maintaining a Buy rating.

The analyst commented: "On November 13, Cybin reported a productive F2Q26 marked by completion of enrollment in the Phase 2 CYB004 generalized anxiety disorder (GAD) trial ahead of a topline 1Q26 data readout; continued advancement of the Phase 3 CYB003 major depressive disorder (MDD) program, including global regulatory clearances for EMBRACE; commercial build-out across both programs with Thermo Fisher (TMO; not rated) manufacturing support and integration into the Osmind clinic network. Additionally, on October 31, Cybin raised $175 million through a registered direct financing, combined with cash of $83.8 million at the end of F2Q26, Cybin's runway extends into 2027, through multiple key data readouts. Finally, the board is actively searching for a new CEO following a leadership transition announced on September 2, reinforcing management’s focus on operational rigor and execution as the company approaches a significant clinical year. That said, the increased share count from the recent financing, normalization of expenses in our model, and fine-tuning our expected CYB003 launch to F2028E (vs F2027E prior) and CYB004 launch to F2029 (vs F2028 prior) resulted in a revised $55 price target from $150. Nevertheless, we continue to believe Cybin is positioned to deliver differentiated, intermittent treatments across mood and anxiety disorders as pivotal and proof-of-concept data emerge, and as such, we reiterate our Buy rating."

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