Cybin price target lowered to $96 from $114 at Canaccord

Canaccord lowered the firm’s price target on Cybin to $96 from $114 and keeps a Buy rating on the shares. The firm said the company recently provided a corporate update in which it said that it now expects 12-month durability/efficacy data from its ongoing Phase 2 study for CYB003 (deuterated psilocybin analog) for major depressive disorder (MDD) in early C4Q24. The target change also reflects its 38:1 reverse stock split.