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PSYCHEDELIC STOCK JUMPS AS STEVE COHEN’S POINT72 SNAPS UP SHARES

Published: Sept. 18, 2023 at 4:17 p.m. ET
By

BILL PETERS

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CYBN
-3.27%

Shares of Cybin Inc., CYBN, -3.27% a developer of psychedelic therapies,
finished 38.5% higher on Monday after billionaire investor and New York Mets
owner Steve Cohen’s hedge fund Point72 disclosed that it had bought nearly 19
million shares of the company for an 8.1% stake. The filing was disclosed Friday
and first noted on social media. It comes roughly three months after the
foundation that Cohen runs with his wife, Alexandra, awarded a $5 million grant
to the Multidisciplinary Association for Psychedelic Studies, or MAPS. The
foundation has donated more than $31 million to psychedelic projects, according
to its website. Cybin is researching the effects of psychedelics on things like
anxiety and depression. Neither Cybin nor Point72 immediately responded to a
request for comment.



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BARRON'S: KLAVIYO OPENS 23% HIGHER AFTER IPO

The third in a flurry of recent tech IPOs, the software marketing firm priced
its offering at the top of the expected range.


MORE ON MARKETWATCH

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ABOUT THE AUTHOR

Bill Peters


Bill Peters is a Los Angeles-based MarketWatch reporter who covers earnings.



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