Canaccord lowered the firm’s price target on Cybin (CYBN) to $70 from $73 and keeps a Buy rating on the shares. The firm noted they recently reported its F4Q25 results and operating expenses came in close to estimates. The key update were that the company is on track to complete its Phase 2 study for CYB004 (deuterated DMT) for generalized anxiety disorder (GAD) in mid- C2025E; and report Phase 3 data for CYB003 (deuterated psilocin analog) for major depressive disorder (MDD) in C2026E. Canaccord continues to believe Cybin is significantly undervalued ahead of data.
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