Cybin Inc Biotech Co Reports $51 Million In Cash As Stifel Ups Price Target To $12

Psychedelics companies continue to receive welcoming signs from Wall Street. As more companies commence their Nasdaq listings, investment banks are also jumping in with open arms.

The latest in this series of news is Stifel (NYSE: SF) continuing positive coverage of Cybin Inc. (NEO: CYBN) (OTCQB: CLXPF), a biotech company developing novel psychedelic molecules for mental health treatment.

The investment firm raised Cybin’s price target by CA$4 to CA$15 ($12) and kept it in the “speculative buy” rating.

On Monday, Cybin reported a net loss of CA$32.2 million ($26 million) for the year ended March 31, 2021, with cash equivalents of about CA$64 million ($51 …

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