Cybin initiated with a Buy at Guggenheim

Guggenheim initiated coverage of Cybin (CYBN) with a Buy rating and $35 price target The firm’s investment thesis is based on CYB003’s robust and durable antidepressant efficacy in Phase 2 major depressive disorder trials and its potential to replicate those data and deliver best-in-class data in Phase 3, the analyst tells investors in a research note. The firm believes upside optionality remains, and with multiple key data readouts expected across the space in the next 6-12 months, it thinks now is the time for investors to start paying attention.