Cybin price target lowered to $6.00 from $7.00 at Canaccord

Canaccord analyst Sumant Kulkarni lowered the firm’s price target on Cybin to $6.00 from $7.00 and keeps a Buy rating on the shares. The firm said the company is making progress on its ongoing Phase 1/2a trial for CYB003 for major depressive disorder (MDD) and expects to announce top-line results in C3Q/4Q. We continue to believe Cybin remains significantly undervalued relative to the size of the indications it is targeting.