Cybin Inc. (NYSE-A:CYBN, NEO:CYBN) shares maintained upward momentum on Wednesday after soaring earlier this week on the news New York Mets owner Steve Cohen’s hedge fund Point72 Asset Management has taken an 8.1% stake in the biotechnology firm.
Cybin stock added 39.4% at Monday’s close after it was revealed Point72 had purchased almost 19 million shares of the company.
Its shares continued to move higher to US$0.47 at noon on Wednesday, representing a week-over-week gain of 42.4%.
Cybin CEO Doug Drysdale told The Dales Report that Point72’s investment in the company was “highly flattering.”
He said Cybin had been working for years to build relationships with institutional investors who have been seeking momentum in the sector and data.
“One catalyst for us has been the acquisition of Small Pharma, that’s given investors a lot of clarity about our deuterated DMT program,” Drysdale told the publication. “As we release data, hopefully, we can continue to see momentum from institutions.”
Cybin announced in late August it would be acquiring Small Pharma, adding two clinical-stage DMT-based programs, a pipeline of preclinical assets, and a robust intellectual property portfolio.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie