DJ Wall Street Hedge Fund Genius Bets on Cybin Inc.
EQS Newswire / 20/09/2023 / 21:01 EST/EDT Wall Street Hedge Fund Genius Bets on Cybin Inc. Is a 1:29 investment about to happen again? Hedge fund Point72 Asset Management, following its successful USD3 investment in Immunomedics (NASDAQ: IMMU) that skyrocketed to USD87 before being acquired, is now placing its latest bet on a company that holds hope for over a hundred million depression patients worldwide: Cybin Inc. (NASDAQ: CYBN). Founded by Wall Street hedge fund genius Steve Cohen, Point72 Asset Management is renowned for its precise investment strategies and manages over USD19.8 billion in assets. Cohen is also the owner of the New York Mets baseball team. Point72 recently acquired 18,950,000 shares of Cybin Inc., representing 8.1% of the company's total shares. Steve Cohen and his wife Alexandra have long been interested in the development of novel drugs and have donated USD31 million for related research. However, their support for Cybin Inc. takes a different form as they chose to invest in the company through their own fund. With Cohen's involvement, Cybin Inc.'s stock price rose by 36% on the day he entered, once again demonstrating Cohen's influence and reputation on Wall Street. So, what makes Cybin Inc. so attractive? Cybin Inc. is a biopharmaceutical company focused on utilizing psychedelic drugs for therapeutic purposes. Traditional antidepressant medications often come with significant side effects such as nausea, vomiting, diarrhea, and headaches. Moreover, these drugs may also cause sexual dysfunction, difficulty achieving orgasm, and erectile dysfunction. Cybin Inc.'s products aim to address these issues, bringing new hope to over a hundred million depression patients worldwide. Recently, Cybin Inc. completed the acquisition of Small Pharma Inc., allowing the merging of the two companies' product portfolios and creating the largest, most advanced, and intellectually property-rich deuterated DMT project in the psychedelic drug field. Cybin Inc. holds 28 granted patents and 158 pending patents, positioning them at the forefront of psychedelic drug development. In summary, Steve Cohen's investment in Cybin Inc. demonstrates his confidence in the company's potential. Cybin Inc. has made significant breakthroughs in the field of psychedelic drug research and development, offering a more effective and less side-effect-laden treatment approach for depression patients. With the expansion of its intellectual property portfolio and advancements in clinical programs, investors have high expectations for Cybin Inc.'s future prospects. Cybin Inc.'s research and innovations in the field of psychedelic drugs provide a new treatment option, particularly for depression patients who are unresponsive to or intolerant of traditional treatment methods. This undoubtedly brings exciting news to the forefront. With Steve Cohen and Point72 Asset Management's investment, Cybin Inc. will continue its commitment to psychedelic drug research and development, aiming to improve the quality of life for depression patients worldwide. Investors and industry observers will continue to monitor Cybin Inc.'s progress and anticipate breakthroughs and innovations in the field of psychedelic drugs. File: Wall Street Hedge Fund Genius Bets on Cybin Inc. 20/09/2023 Dissemination of a Financial Press Release, transmitted by EQS News. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com
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(END) Dow Jones Newswires
September 20, 2023 21:01 ET (01:01 GMT)
