JMP Securities Begins Coverage on Skye Bioscience (NASDAQ:SKYE)

JMP Securities initiated coverage on shares of Skye Bioscience (NASDAQ:SKYE) in a report released on Tuesday morning, MarketBeat Ratings reports. The firm issued an outperform rating and a $15.00 price objective on the stock.

Other equities analysts have also recently issued research reports about the company. Cantor Fitzgerald restated an overweight rating and set a $14.00 price objective on shares of Skye Bioscience in a report on Friday, September 6th. Craig Hallum initiated coverage on shares of Skye Bioscience in a research note on Tuesday, July 9th. They set a buy rating and a $18.00 target price for the company. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of Buy and an average price target of $18.40.

Skye Bioscience Stock Performance

Skye Bioscience stock opened at $6.35 on Tuesday. Skye Bioscience has a 12-month low of $1.44 and a 12-month high of $19.41. The firm has a 50-day moving average price of $5.63 and a 200-day moving average price of $6.88.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings data on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). As a group, analysts predict that Skye Bioscience will post -1.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Skye Bioscience

A number of hedge funds have recently made changes to their positions in SKYE. Logos Global Management LP purchased a new position in Skye Bioscience in the second quarter valued at about $10,425,000. CVI Holdings LLC bought a new position in shares of Skye Bioscience during the 2nd quarter worth approximately $5,445,000. Driehaus Capital Management LLC purchased a new stake in Skye Bioscience during the second quarter valued at approximately $5,213,000. Point72 Asset Management L.P. acquired a new stake in Skye Bioscience in the second quarter valued at approximately $4,486,000. Finally, Perceptive Advisors LLC purchased a new position in Skye Bioscience in the second quarter worth $4,005,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

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.