Cybin initiated with a Buy at Alliance Global Partners

Alliance Global Partners initiated coverage of Cybin with a Buy rating and $6 price target. The firm’s price target is primarily based on expectations for Cybin’s lead candidate CYB003, a deuterated psilocybin analog for major depressive disorder, or MDD, notes the analyst, whose sum-of-the-parts analysis has CB003 for MDD valued at $4.75 per share, CB004 for generalized anxiety disorder, or GAD, at $1.00 per share, and the remaining preclinical candidates plus cash at 25c per share.