Skye Bioscience (NASDAQ:SKYE) Rating Reiterated by Cantor Fitzgerald

Skye Bioscience (NASDAQ:SKYE)‘s stock had its “overweight” rating reiterated by research analysts at Cantor Fitzgerald in a research report issued on Monday, Benzinga reports. They currently have a $14.00 price objective on the stock. Cantor Fitzgerald’s target price indicates a potential upside of 47.21% from the stock’s previous close. Cantor Fitzgerald also issued estimates for Skye Bioscience’s FY2024 earnings at ($0.77) EPS.

A number of other research analysts also recently issued reports on SKYE. Oppenheimer initiated coverage on shares of Skye Bioscience in a research report on Friday, April 12th. They set an “outperform” rating and a $25.00 target price on the stock. Piper Sandler restated an “overweight” rating and set a $20.00 target price (up from $12.00) on shares of Skye Bioscience in a research report on Thursday, March 14th.

Skye Bioscience Stock Performance

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

Skye Bioscience (NASDAQ:SKYE) last issued its quarterly earnings results on Friday, May 10th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.02). As a group, equities research analysts anticipate that Skye Bioscience will post -0.95 earnings per share for the current fiscal year.

Skye Bioscience Company Profile

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.