Cybin Inc. (NYSE-A:CYBN, NEO:CYBN) shares have skyrocketed on the news that billionaire investor Steve Cohen’s hedge fund Point72 Asset Management purchased almost 19 million shares in the biotechnology company which is developing psychedelics-based therapies for major depressive disorder and anxiety.
Cybin's shares had added 39.4% at US$0.46 at the market close on Monday. Its Toronto-listed shares gained 36% at C$0.60.
Per a September 14 regulatory filing with the Securities Exchange Commission (SEC), the firm purchased 18,950,000 shares of Cybin, representing an 8.1% stake.
Cohen, whose net worth reportedly nears $20 billion, is an avid biotechnology investor through Point72 which has holdings in Intuitive Surgical (NASDAQ:ISRG), Boston Scientific (NYSE:BSX), Biogen, and Immunogen, among others.
The investment in Cybin by the hedge fund has been welcomed as a validation for the psychedelics sector as a whole, with retail investors largely dominating the space to date.
- Updated with closing share price -
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