Why Are Analysts So Bullish on Cybin?
May 6th, 2021
App, Exclusive, Psychedelics, Top Story
The global psychedelics market is projected to grow from $4.75 billion to $10.75 billion by 2027, according to Research and Markets, representing a strong 12.36% compound annual growth rate. With more than 40 public companies in the psychedelics sector and an exchange-traded fund, there is no shortage of opportunities for investors interested in the space.
Cybin Corp. (NEO: CYBN) (OTCQB: CLXPF) is one of the largest psychedelic companies with a market capitalization of around C$300 million. With a robust development pipeline and patent portfolio, the company is well-positioned to bring unique therapeutics that will target major depressive disorder, alcohol use disorder, and other conditions.
Let’s take a look at what analysts are saying about the company, why they’re so bullish on the stock and the upcoming catalysts investors should keep an eye on.
What Analysts Say About Cybin
There are three analysts covering Cybin with price targets ranging from C$8.00 to C$11.00 per share—a significant premium to the current share price hovering around C$2.00.
Canaccord Genuity – Target: C$8.00 – Canaccord Genuity analysts believe that newly published results from the Psilodep-RCT study in the New England Journal of Medicine are encouraging for the use of psilocybin in the depression setting. The analysts believe that the company’s Phase 2a clinical trial designed to find optimal dosages of CYB001 for major depressive disorder could be a key catalyst in light of the Psilodep-RCT results.
Stifel Nicolaus – Target: C$11.00 – Stifel Nicolaus analysts note the rapid progression in developing novel psychedelic molecules, transforming it from a single molecule strategy to one with stronger IP opportunities. The analyst recently raised its price target from C$5.00 to C$11.00 to reflect the development of CYB003, a second-generation tryptamine that has already undergone proof-of-concept studies and isn’t reflected in the share price.
Roth Capital – Target: US$10.00 – Roth Capital analysts believe that Cybin has found ingenious ways to improve potency and delivery of psychedelic drugs with reformulation and by exploring deuterated analogues. In light of an Imperial College of London study showing that psychedelics may outperform SSRIs, the analyst believes that the company’s flagship clinical trial could see success when paired with the innovative delivery mechanisms.
What Analysts Are Watching Ahead
Cybin has several upcoming catalysts that could influence the stock price over the coming years, including its Phase 2a clinical trial targeting major depressive disorder. In addition to company-specific catalysts, analysts will also be keeping an eye on industry-wide events that could have a meaningful impact on the stock, such as other clinical trial results.
The three most significant upcoming catalysts include:
- U.S. Up-Listing – Q2 2021 – Cybin plans to up-list to an unspecified major U.S. exchange, which could expand its shareholder base into the United States.
- Phase 2a Clinical Trial – Mid 2021 – Cybin plans to initiate its Phase 2a study of sublingual films for CYB001 in Q2 2021 and complete the trial by mid-2021 while its global Phase 2b study could begin by the end of 2021.
- Tryptamine Candidate – End of 2021 – Cybin hopes to start trials for its tryptamine-based CYB003 by the end of 2021 with a second candidate, CYB004, by 1H 2022.
Cybin Corp. (NEO: CYBN) (OTCQB: CLXPF) is one of the largest companies in the psychedelics space with a robust clinical pipeline and IP portfolio. With analysts bullish on the company’s future, investors may want to keep an eye on the stock ahead of several upcoming catalysts, including a U.S. up-listing, its Phase 2a clinical trial results, and a tryptamine candidate.
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