Oppenheimer Starts Cybin Inc. (CYBN) at Outperform
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Oppenheimer analyst Francois Brisebois initiates coverage on Cybin Inc. (NYSE: CYBN) with a Outperform rating and a price target of $7.00.
The analyst commented, "Led by a proven management team, we believe CYBN's scalability potential and calculated approach warrant a deeper dive. Its most advanced product, CYB001, consists of sublingual psilocybin for patients with major depressive disorder (MDD). In addition to the extensive literature supporting psilocybin's efficacy, we are encouraged by CYBN's delivery system as it offers potential for faster onset and improved bioavailability. Phase 2a is expected to begin soon with P2b results potentially by CYE22. Although CYB001 is further along, we view CYB003 for alcohol use disorder (AUD), another large unmet need, as the main reason to own CYBN. This orally-disintegrating tablet of deuterated tryptamine could be shorter-acting than CYB001. Finally, we view CYBN's technology efforts into digital assisted psychotherapy and real-time neuroimaging as attractive call options."
Shares of Cybin Inc. closed at $2.19 yesterday.
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