Canaccord Genuity analyst Sumant Kulkarni has maintained their bullish stance on CYBN stock, giving a Buy rating on July 3.
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Sumant Kulkarni has given his Buy rating due to a combination of factors that suggest Cybin is undervalued and poised for growth. The company is progressing well with its clinical trials, specifically the Phase 2 study for CYB004 targeting generalized anxiety disorder, expected to complete in mid-2025, and the Phase 3 data for CYB003 aimed at major depressive disorder, anticipated in the second half of 2026. These developments are seen as promising, especially given the significant market potential for treatments addressing major depressive disorder.
Additionally, Cybin’s financial position has been strengthened by an agreement to access up to $500 million in convertible debentures, providing a financial cushion as it advances its clinical programs. Although key Phase 3 data is still forthcoming, the encouraging results from Phase 2 trials and the strategic financial moves bolster confidence in the stock’s future performance. Consequently, Kulkarni maintains a positive outlook on Cybin, reiterating a Buy recommendation with a slightly adjusted price target.
Kulkarni covers the Healthcare sector, focusing on stocks such as ACADIA Pharmaceuticals, ATAI Life Sciences, and SAGE Therapeutics. According to TipRanks, Kulkarni has an average return of 1.8% and a 41.28% success rate on recommended stocks.
In another report released on July 3, H.C. Wainwright also reiterated a Buy rating on the stock with a $150.00 price target.