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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 million) by that date.
Stifel Analysis: A report released last week by Stifel praised Cybin’s new molecules for their “strong potential for IP protection and a long period of outsized returns.”
Stifel raised the price target on Cybin stock from CA$11 to CA$15 and continued a “speculative buy” rating, meaning that the firm expects “a total return of greater than 30% over the next 12 months, with total return equal to the percentage price change plus dividend yield, accompanied by substantially higher than normal risk.”
Stifel based this analysis on the company’s recent announcement of choosing social anxiety disorder and generalized anxiety disorder as target indications for CYB004, a novel molecule of the psychedelic class. These indications hold a large potential patient pool, have been amplified by the Covid-19 pandemic and often go untreated.
The firm said it believes the market size for these indications could be even higher than the estimated $4 billion postulated by Cybin. While the psychedelics company is basing its estimates on patients that are already under medication with antidepressants, Stifel analysts think this molecule could be used to treat currently unmedicated patients.
The firm also sees possible synergies with other compounds from the Cybin family, such as CYB001, which is targeting major depressive disorder. As anxiety disorders are often presented with psychiatric comorbidities like depression, the company could also take advantage of a more holistic approach to patient care.
Cybin OTC stock closed at $2.35 on Monday.
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