Skye Bioscience (NASDAQ:SKYE) Coverage Initiated at JMP Securities

Stock analysts at JMP Securities started coverage on shares of Skye Bioscience (NASDAQ:SKYE) in a research report issued on Tuesday, Marketbeat Ratings reports. The firm set an “outperform” rating and a $15.00 price target on the stock. JMP Securities’ price target suggests a potential upside of 136.22% from the stock’s current price.

SKYE has been the subject of a number of other reports. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a research report on Friday, September 6th. Craig Hallum started coverage on Skye Bioscience in a research report 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, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $18.40.

Skye Bioscience Stock Down 9.2 %

SKYE stock opened at $6.35 on Tuesday. The stock has a 50-day simple moving average of $5.63 and a two-hundred day simple moving average of $6.88. Skye Bioscience has a twelve month low of $1.44 and a twelve month high of $19.41.

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

Hedge Funds Weigh In On Skye Bioscience

Institutional investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC bought a new position in Skye Bioscience during the 2nd quarter worth approximately $30,000. Point72 DIFC Ltd bought a new position in shares of Skye Bioscience in the second quarter worth approximately $48,000. Rhumbline Advisers purchased a new position in shares of Skye Bioscience in the second quarter worth $158,000. AdvisorShares Investments LLC bought a new stake in Skye Bioscience during the 2nd quarter valued at $210,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Skye Bioscience during the 2nd quarter valued at $222,000. 21.09% of the stock is currently owned by institutional investors.

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.