If you are currently hunting for biotech stocks then it could be a good idea to look into the Cybin Inc (OTCMKTS:CLXPF) stock. Although it is true that the Cybin stock actually fell by as much as 17% yesterday, it should not be forgotten that despite the fall the stock is up by 30% over the course of the past month.
The company is involved in the still nascent psychedelics based therapeutics space. Earlier on this week, the company announced that it decided to launch an overnight marketed public offering of the shares of its common stock.
In this context, it is necessary to point out that the pricing and the eventually gross proceeds have not been decided yet by Cybin. The company revealed that the pricing is going to be determined according to the price of the stock in the open market.
In addition to that, the terms of the offering are also going to be decided according to the underwriting agreement that is reached between Cybin and Cantor Fitzgerald Canada Corporation. At this point of time, the specific details are not yet available and hence, investors need to keep an eye on further announcements from Cybin regarding the offering.
Market Reaction:
On Wednesday, CLXPF stock decreased 13.43% to $2.71 with more than 2.23 million shares, compared to its average volume of 603K shares. The stock has moved within a range of $2.6084 – 3.0200 after opening the trade at $3. Over the past 52-week, the stock has been trading within a range of $0.0780 – 3.2200.
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