Cybin target adjusted to $25 at Alliance Global Partners following stock split

Alliance Global Partners raised the firm’s price target on Cybin (CYBN) to $25 from $6 and keeps a Buy rating on the shares following the 1:38 reverse stock split enacted in September. The firm notes that its price target is based on a sum-of-the-parts value for CYB003 for MDD valued at $16 per share, CYB004 for GAD valued at $6 per share, and the remaining preclinical candidates plus cash being valued at $3 per share.