Skye Bioscience (NASDAQ:SKYE) Given “Overweight” Rating at Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Skye Bioscience (NASDAQ:SKYE) in a research note issued to investors on Monday morning, Benzinga reports. Cantor Fitzgerald currently has a $14.00 target price on the stock.

SKYE has been the subject of several other research reports. Piper Sandler reiterated an overweight rating and issued a $20.00 price target (up previously from $12.00) on shares of Skye Bioscience in a research report on Thursday, March 14th. Oppenheimer initiated coverage on shares of Skye Bioscience in a report on Friday, April 12th. They issued an outperform rating and a $25.00 target price for the company.

Skye Bioscience Stock Performance

NASDAQ SKYE traded down $0.45 during trading hours on Monday, hitting $7.56. The company had a trading volume of 71,909 shares, compared to its average volume of 99,284. The business has a 50 day moving average of $10.18 and a 200-day moving average of $12.07. Skye Bioscience has a 1-year low of $1.44 and a 1-year high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last announced its earnings results on Friday, May 10th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.02). As a group, analysts expect 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.