Cybin is trading 12.1% up at $7.30 in pre-market, extending recent strength driven by upbeat analyst coverage and a reinforced balance sheet.
- Guggenheim recently raised its price target on the stock, citing clinical progress and positive sentiment toward the company's psychedelic mental-health pipeline.
- Recent equity raises totaling $225 million have significantly eased near-term funding risks and improved the company's financial stability.
- The strengthened balance sheet provides the necessary capital to support late-stage clinical programs for depression and anxiety.