Cybin: Late-Stage Psychedelic Pipeline, Key 2026 Clinical Catalysts, and Strategic Positioning Support Buy Rating

Andrew Tsai, an analyst from Jefferies, has initiated a new Buy rating on Cybin (HELP).

Andrew Tsai has given his Buy rating due to a combination of factors tied to Cybin’s late‑stage psychedelic pipeline and upcoming clinical catalysts. He views the lead oral d‑psilocin candidate, HLP003, as having a better‑than‑even chance of success in its pivotal Phase III trial for adjunctive major depressive disorder, supported by earlier data showing strong and durable remission rates at higher doses and an FDA breakthrough designation. Positive results from this Q4 2026 readout could, in his view, meaningfully revalue the stock and de-risk the second, larger Phase III study already underway.
Tsai also highlights HLP004, an intramuscular d‑DMT program for generalized anxiety disorder, as an additional value driver with Phase II data expected in early 2026, representing a substantial market opportunity if successful. He emphasizes Cybin’s differentiation through deuterated compounds that may offer more predictable dosing, proprietary composition‑of‑matter patents, and a two‑dose induction approach that could enhance efficacy in a broad adjunctive MDD setting. Furthermore, he notes a supportive macro environment, including growing Big Pharma interest in psychedelics, the commercial performance of Spravato, and an increasingly receptive FDA, all of which could help Cybin’s eventual launch alongside other psychedelic entrants rather than in a winner‑take‑all market. Finally, he sees additional upside from the appointment of a seasoned permanent CEO to solidify execution and investor confidence.

In another report released on January 28, H.C. Wainwright also reiterated a Buy rating on the stock with a $55.00 price target.