Cybin price target lowered to $86 from $96 at Canaccord

Canaccord lowered the firm’s price target on Cybin (CYBN) to $86 from $96 and keeps a Buy rating on the shares. The firm said they reported results and he key update was that the company has started its PARADIGM Phase 3 program for CYB003 (deuterated psilocybin analog) as an adjunct treatment for major depressive disorder (MDD).