H.C. Wainwright reiterates Buy rating on Cybin stock, maintains $150 target

Investing.com - H.C. Wainwright has reiterated its Buy rating and $150 price target on Cybin Inc. (NYSE:CYBN) following the company’s fiscal first quarter 2026 results. According to InvestingPro data, analysts maintain a strong buy consensus on the stock, with price targets ranging from $30 to $150, suggesting significant upside potential from the current price of $6.92.

The research firm highlighted multiple upcoming catalysts for the psychedelic medicine developer, including the completion of enrollment in the CYB004 Phase 2 trial for generalized anxiety disorder expected in August 2025, with top-line data anticipated in the second half of 2025. While the stock has seen a 9.3% decline over the past week, InvestingPro analysis suggests the company is currently undervalued based on its Fair Value model.

H.C. Wainwright noted that Cybin’s CYB003 Phase 3 program continues to scale, with the EMBRACE trial receiving clinical trial application approvals in Europe and from the UK MHRA, enabling site initiations across multiple countries including the U.S., U.K., Europe, and Australia.

The firm pointed to Cybin’s operational de-risking through commercial-scale manufacturing, clinic-network partnerships, and a $500 million convertible debenture facility, with $50 million already funded, which extends the company’s financial runway beyond 2026. InvestingPro data shows the company maintains a healthy current ratio of 9.87, with liquid assets well exceeding short-term obligations, though it continues to experience significant cash burn with negative free cash flow of $103.27 million in the last twelve months.

H.C. Wainwright expressed confidence in Cybin’s pipeline, citing CYB003’s durability results showing 71% remission at 12 months after two 16 mg doses and its Breakthrough Therapy Designation, along with CYB004’s short-acting profile, positioning the company to deliver differentiated treatments for mood and anxiety disorders. With a market capitalization of $166.61 million and minimal debt on its balance sheet, the company appears well-positioned to execute its development strategy.

In other recent news, Cybin Inc. has received approval from both the Irish Medicines Board and the UK’s Medicines and Healthcare products Regulatory Agency to initiate the EMBRACE study, part of its Phase 3 PARADIGM program for treating Major Depressive Disorder (MDD). This study will enroll 330 participants across the United States, Europe, and Australia, assessing the effects of CYB003, a deuterated psilocin analog. Additionally, Cybin has begun patient dosing in its Phase 3 trials, which include three studies—APPROACH, EMBRACE, and EXTEND—with a total expected enrollment of approximately 550 participants.

In terms of financial analysis, Canaccord Genuity has lowered its price target for Cybin to $70 from $73, maintaining a Buy rating and a 40% probability of approval for CYB003 as an adjunct treatment for MDD. Meanwhile, Lucid (NASDAQ:LCID) Capital Markets has initiated coverage on Cybin with a Buy rating, setting a 12-month price target of $106 per share. These developments highlight the ongoing interest and potential seen in Cybin’s innovative approach to mental health treatment.

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