Skye Bioscience (NASDAQ:SKYE) Stock Price Down 12.4%

Skye Bioscience, Inc. (NASDAQ:SKYE)’s share price dropped 12.4% during mid-day trading on Wednesday . The stock traded as low as $8.36 and last traded at $9.51. Approximately 525,486 shares were traded during trading, an increase of 218% from the average daily volume of 164,996 shares. The stock had previously closed at $10.86.

Wall Street Analyst Weigh In

SKYE has been the topic of several analyst reports. Oppenheimer started coverage on shares of Skye Bioscience in a research note on Friday, April 12th. They set an “outperform” rating and a $25.00 price target on the stock. Piper Sandler reissued an “overweight” rating and issued a $20.00 target price (up previously from $12.00) on shares of Skye Bioscience in a research report on Thursday, March 14th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $14.00 target price on shares of Skye Bioscience in a research report on Monday.

Skye Bioscience Price Performance

The company’s 50-day moving average price is $11.32 and its two-hundred day moving average price is $12.11.

Skye Bioscience (NASDAQ:SKYE) last released its earnings results on Friday, May 10th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.02). On average, equities research analysts forecast that Skye Bioscience, Inc. will post -0.95 earnings per share for the current fiscal 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.