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

Skye Bioscience (NASDAQ:SKYE)‘s stock had its “overweight” rating reaffirmed by investment 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 price target would suggest a potential upside of 85.19% from the stock’s current price.

A number of other brokerages have also recently weighed in on SKYE. Oppenheimer started coverage on Skye Bioscience in a research report on Friday, April 12th. They issued an “outperform” rating and a $25.00 price target for the company. Piper Sandler reiterated an “overweight” rating and set a $20.00 price target (up previously from $12.00) on shares of Skye Bioscience in a report on Thursday, March 14th.

Skye Bioscience Stock Down 5.6 %

Shares of Skye Bioscience stock traded down $0.45 during trading on Monday, hitting $7.56. 71,909 shares of the stock traded hands, compared to its average volume of 99,284. The company has a fifty day moving average price of $10.18 and a two-hundred day moving average price of $12.07. Skye Bioscience has a twelve month low of $1.44 and a twelve month high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last posted its earnings results on Friday, May 10th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.02). On average, equities research analysts expect 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.