Cybin initiated with a Buy at EF Hutton

EF Hutton analyst Elemer Piros initiated coverage of Cybin with a Buy rating and $3 price target. Cybin is developing alternative formulations and derivatives of psychedelic drugs, Piros tells investors in a research note. The analyst believes Cybin "found ingenious ways to alter formulations and develop deuterated analogues of psychedelics, creating novel intellectual property."