Cybin Stock In Focus On MDD Treatment's 'Breakthrough’ Efficacy: Retail Turns Extremely Bullish
By Stocktwits Inc | First Published Nov 18, 2024, 10:04 PM ISTCybin’s CEO, Doug Drysdale, noted that the results validate the company’s approach and could revolutionize the standard of care in MDD treatment.
Shares of Cybin, Inc. ($CYBN) surged as much as 10% on Monday, reaching their highest level since May, following the announcement of “unprecedented” 12-month efficacy data from a Phase 2 study of the biopharma’s major depressive disorder (MDD) treatment.
The company reported that two 16 mg doses of CYB003, a proprietary deuterated psilocin program, spaced three weeks apart, showed “consistent, robust, and sustained” treatment benefits through the 12-month follow-up.
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This data supports the potential of CYB003 as an adjunctive treatment for MDD patients who have not achieved remission with first-line antidepressants, Cybin said.
The U.S. Food and Drug Administration (FDA) recently granted CYB003 Breakthrough Therapy Designation, accelerating its review process.
Cybin’s CEO, Doug Drysdale, noted that the results validate the company’s approach and could revolutionize the standard of care in MDD treatment.
“We are quite possibly witnessing a watershed moment in mental health care treatment paradigms and practices,” he said.
Drysdale emphasized that current treatments, such as esketamine and electroconvulsive therapy (ECT), require up to 36 outpatient visits per treatment cycle, creating a significant burden on both patients and healthcare facilities.
In contrast, CYB003’s two-dose treatment regimen could offer a more patient-friendly, long-lasting alternative.
On Stocktwits, retail sentiment for CYBN turned ‘extremely bullish,’ with users expressing optimism about the future of the company and its potential impact on mental health care.
Some users pointed to potential regulatory support under a Trump administration, suggesting that prominent figures like Robert F. Kennedy Jr. as HHS Secretary could expedite FDA approval for CYB003.
Another hoped that the stock would double to $25 soon.
Analyst firms remain optimistic, even as Canaccord maintained a ‘Buy’ rating while lowering its price target to $86 from $96 last week.
Alliance Global Partners, meanwhile, raised its target to $25 from $6, reflecting the potential upside based on CYB003’s progress and ongoing Phase 3 trials.
Still, Cybin’s stock has seen a 19% decline year-to-date.
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