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Cybin ( (TSE:CYBN) ) has provided an update.
Cybin announced the closing of a $175 million registered direct offering, involving the issuance of common shares and pre-funded warrants. The proceeds will be used to repay outstanding unsecured convertible debentures and to advance the company’s CYB003, CYB004, and CYB005 programs, as well as for general corporate purposes. This financing round, which includes notable investors such as Venrock Healthcare Capital Partners and OrbiMed, positions Cybin to further its research and development efforts in the mental health sector.
The most recent analyst rating on (TSE:CYBN) stock is a Buy with a C$150.00 price target. To see the full list of analyst forecasts on Cybin stock, see the TSE:CYBN Stock Forecast page.
Spark’s Take on TSE:CYBN Stock
According to Spark, TipRanks’ AI Analyst, TSE:CYBN is a Underperform.
Cybin’s stock score is significantly impacted by its lack of revenue and continuous financial losses, resulting in a low valuation score. While technical indicators are neutral, positive corporate events indicate potential for future growth. However, current financial challenges remain the dominant concern.
To see Spark’s full report on TSE:CYBN stock, click here.
More about Cybin
Cybin is a Phase 3 clinical-stage neuropsychiatry company focused on revolutionizing mental healthcare through the development of innovative treatment options for mental health conditions. The company is engaged in proprietary drug discovery and delivery systems, aiming to address unmet needs in mental health treatment with novel drugs that offer effective and durable results.
Technical Sentiment Signal: Hold
Current Market Cap: C$1.97M
For detailed information about CYBN stock, go to TipRanks’ Stock Analysis page.