Psychedelic stock jumps as Steve Cohen’s Point72 snaps up shares

Shares of Cybin Inc.,
CYBN,
+39.39%
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.