Skye Bioscience (NASDAQ:SKYE) Shares Down 9.2%

Skye Bioscience, Inc. (NASDAQ:SKYE)’s share price was down 9.2% during trading on Wednesday . The company traded as low as $6.33 and last traded at $6.35. Approximately 593,578 shares were traded during mid-day trading, an increase of 284% from the average daily volume of 154,743 shares. The stock had previously closed at $6.99.

Analyst Ratings Changes

A number of analysts have weighed in on SKYE shares. JMP Securities assumed coverage on shares of Skye Bioscience in a research report on Tuesday. They set an “outperform” rating and a $15.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $14.00 price objective on shares of Skye Bioscience in a research note on Friday, September 6th. Finally, Craig Hallum began 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, According to MarketBeat.com, Skye Bioscience has a consensus rating of “Buy” and an average price target of $18.40.

Skye Bioscience Stock Down 9.2 %

The stock has a fifty day simple moving average of $5.63 and a two-hundred day simple moving average of $6.88.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.20) earnings per share for the quarter, meeting the consensus estimate of ($0.20). On average, equities analysts anticipate that Skye Bioscience, Inc. will post -1.06 EPS for the current year.

Institutional Investors Weigh In On Skye Bioscience

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC bought a new stake in shares of Skye Bioscience during the second quarter valued at approximately $30,000. Point72 DIFC Ltd bought a new position in shares of Skye Bioscience in the 2nd quarter worth $48,000. Rhumbline Advisers acquired a new stake in Skye Bioscience in the 2nd quarter valued at $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. acquired a new position in Skye Bioscience during the second quarter worth $222,000. 21.09% of the stock is owned by 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.