24/7 Market News Snapshot 19 September, 2024 – Cybin Inc. (NYSE:CYBN)

September 19, 2024

DENVER, Colo., 19 September, 2024 (247marketnews.com) – (NYSE:CYBN) are discussed in this article.
Cybin Inc. (CYBN) began trading today at $7.20, reflecting an impressive upward momentum with an 8.36% increase, lifting the stock to a current price of $8.40. This movement exceeds critical resistance thresholds, showcasing strong investor confidence in the firm. The trading volume reached 570.10K shares, indicating heightened interest, which supports the stock’s positive trajectory. Although the relative strength index (RSI) is nearing overbought levels, suggesting caution for short-term traders, maintaining support above $8.00 could set the stage for further advances, potentially escalating towards the $9.00 mark. Traders are advised to monitor shifts in volume and relevant news that could impact market sentiment and price trends, as Cybin Inc. exhibits promising bullish potential.

In parallel, Cybin is making significant strides in its clinical programs, propelling it toward a transformative future in mental health care. The company is focused on innovative treatments, advancing its deuterated psilocin program, CYB003, which targets Major Depressive Disorder (MDD), and its deuterated dimethyltryptamine program, CYB004, aimed at Generalized Anxiety Disorder (GAD). Recently granted FDA Breakthrough Therapy Designation, CYB003 is gearing up for Phase 3 trials, building on promising Phase 2 results that indicated a rapid improvement in depressive symptoms for participants, with a notable 75% remission rate after two doses. Cybin has already identified 30 clinical sites for this pivotal study, setting the groundwork for commercialization.

In conjunction with the ongoing Phase 2 study of CYB004, for which preliminary outcomes are expected by early 2025, the company emphasizes optimizing treatment delivery and durability of effects. Cybin’s commitment to innovation is further enhanced by the addition of experienced professionals to guide its clinical programs, reinforcing the company’s dedication to addressing the urgent mental health challenges faced by many. Through groundbreaking advancements and a robust pipeline, Cybin Inc. is well-positioned to lead in the evolving landscape of neuropsychiatry, poised to deliver safe, effective alternatives in mental health treatment.

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