Cluster Buying Signals Insider Confidence as Cybin Inc Advances in Psychedelic Therapies

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Cybin Inc. (CYBN:CN), a clinical-stage biopharmaceutical company headquartered in Canada, focuses on developing psychedelic-based therapeutics for mental health conditions. Cybin Inc has a market capitalization of around $205.87 million.

Cluster Buying

From June 27 to 28, 2024, several insiders made significant investments in Cybin's shares:

  • COO Aaron Frank Bartlone bought 200,000 shares at CAD 0.36 per share.

  • CFO Gregory Joseph Cavers acquired 60,000 shares at CAD 0.369 per share.

  • CEO Douglas Lee Drysdale purchased 119,850 shares at CAD 0.34 per share.

  • CLO Gabriel Fahel bought 95,870 shares at CAD 0.349 per share, and another 19,607 shares at CAD 0.35 per share.

  • Independent Director Grant Bernard Froese acquired 200,000 shares at CAD 0.33 per share.

  • Co-Founder and Chief Growth Officer Paul Glavine purchased 145,200 shares at CAD 0.35 per share.

  • Founder and Exec. Chairman Eric So made three separate purchases totaling 250,000 shares at approximately CAD 0.35 per share.

These insider buys are the first since June 2022, signaling confidence in the company's future.

Company Growth

On May 10, 2024, Cybin announced its financial results for the fiscal year ending March 31, 2024, reporting a net loss of C$78 million, up from C$47 million the previous year, and increased operating expenses of C$65 million, compared to C$47 million the prior year. The company maintained a cash total of C$209 million as of March 31, 2024, and, through private placement and other financing activities, now has access to over C$285 million.

Cybin achieved significant milestones during the fiscal year, including receiving FDA Breakthrough Therapy Designation for CYB003, its deuterated psilocybin analog for Major Depressive Disorder (MDD), completing clinical site selection for the Phase 3 multinational study of CYB003, and initiating a Phase 2 study for CYB004, its deuterated dimethyltryptamine program for Generalized Anxiety Disorder (GAD).

CEO Doug Drysdale stated, "Supported by the FDA and positive data, we are progressing quickly to change the treatment paradigm for MDD and GAD."

With these developments, Cybin is positioned as a promising player in the biopharmaceutical industry, leveraging insider confidence and robust financial backing to drive future growth.