Canaccord Genuity analyst Sumant Kulkarni has maintained their bullish stance on CYBN stock, giving a Buy rating on October 31.
Sumant Kulkarni’s Buy rating for Cybin Inc. (ticker: CYBN) is based on several compelling factors. Primarily, the impressive interim results from Cybin’s Phase 2 trial for CYB003, a deuterated psilocybin analog used in treating major depressive disorder (MDD), have generated optimism. The data showed a significant reduction in depression ratings for patients who received a single 12mg dose of CYB003, compared to those given a placebo. This positive outcome, despite the fact that only a relatively small number of patients were involved in the trial, has been encouraging. Furthermore, this is the first time that Phase 2 efficacy data for a deuterated psilocybin analog has been observed, thus adding to the anticipation for the complete Phase 2 dataset that Cybin plans to release by the end of 2023.
Kulkarni also appreciates the potential value of the intellectual property that Cybin holds, particularly with respect to tweaked molecules such as CYB003 and CYB004 (deuterated DMT). The company’s strategic acquisition of Small Pharma to fortify its position around the DMT molecule has also been viewed favorably. Additionally, the multiple programs that Cybin has in its pipeline suggest a promising future for the company. Despite acknowledging the possibility of Cybin needing to bolster its financial resources in the forthcoming year, Kulkarni believes that the stock is significantly undervalued considering the large markets the company is targeting. Hence, the Buy rating for Cybin’s stock is reiterated.
According to TipRanks, Kulkarni is a 4-star analyst with an average return of 4.5% and a 40.89% success rate. Kulkarni covers the Healthcare sector, focusing on stocks such as Bioxcel Therapeutics, ACADIA Pharmaceuticals, and Biogen.
In another report released on October 31, H.C. Wainwright also maintained a Buy rating on the stock with a $10.00 price target.
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Cybin (CYBN) Company Description:
Using cutting-edge drug discovery platforms and drug delivery systems, Cybin develops psychedelic therapies to address the mental health crisis.
Read More on CYBN:
- Cybin’s depressive disorder candidate meets Phase 2 efficacy endpoint
- Cybin reports CYB003 demonstrated reduction in symptoms of depression
- Cybin announces grant of two US patents protecting deuterated DMT program
- Cybin completes dosing in final cohort of CYB003 trial
- Here’s What You Missed in Cannabis, Psychedelics This Week
