Cantor Fitzgerald Reaffirms Overweight Rating for Skye Bioscience (NASDAQ:SKYE)

Cantor Fitzgerald restated their overweight rating on shares of Skye Bioscience (NASDAQ:SKYE) in a research report released on Monday, Benzinga reports. The brokerage currently has a $14.00 price objective on the stock. Cantor Fitzgerald also issued estimates for Skye Bioscience’s FY2024 earnings at ($0.77) EPS.

SKYE has been the topic of several other reports. Piper Sandler restated an overweight rating and set a $20.00 price target (up from $12.00) on shares of Skye Bioscience in a research report on Thursday, March 14th. Oppenheimer began coverage on Skye Bioscience in a research report on Friday, April 12th. They set an outperform rating and a $25.00 price target on the stock.

Skye Bioscience Price Performance

Shares of SKYE opened at $9.51 on Monday. The stock’s 50-day simple moving average is $11.44 and its 200 day simple moving average is $12.06. Skye Bioscience has a 52-week low of $1.44 and a 52-week high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings data on Friday, May 10th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.02). Sell-side analysts anticipate that Skye Bioscience will post -0.95 earnings per share for the current year.

About Skye Bioscience

Skye Bioscience, Inc, a clinical stage pharmaceutical company, discovers, develops, and commercializes cannabinoid-based molecules for the treatment of infectious diseases. The company's lead product candidate is SBI-100 used in the treatment of glaucoma and ocular hypertension. It is also developing SBI-200 to treat and manage various eye diseases, including uveitis, dry eye syndrome, macular degeneration and diabetic retinopathy.