Piper Sandler Reaffirms Overweight Rating for Skye Bioscience (NASDAQ:SKYE)

Piper Sandler reiterated their overweight rating on shares of Skye Bioscience (NASDAQ:SKYE) in a report released on Friday, Benzinga reports. They currently have a $20.00 price target on the stock.

Other research analysts have also issued research reports about the company. JMP Securities assumed coverage on Skye Bioscience in a report on Tuesday, September 10th. They set an outperform rating and a $15.00 price objective for the company. Cantor Fitzgerald reissued an overweight rating and issued a $14.00 price target on shares of Skye Bioscience in a research note on Friday. Finally, Craig Hallum initiated coverage on shares of Skye Bioscience in a report on Tuesday, July 9th. They issued a buy rating and a $18.00 price target on the stock. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of Buy and an average target price of $18.40.

Skye Bioscience Stock Down 39.5 %

NASDAQ:SKYE traded down $2.17 during trading hours on Friday, hitting $3.32. The stock had a trading volume of 3,835,989 shares, compared to its average volume of 143,467. The company has a 50 day simple moving average of $5.87 and a two-hundred day simple moving average of $6.44. Skye Bioscience has a one year low of $1.44 and a one year high of $19.41.

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

Insider Activity at Skye Bioscience

In related news, Director Andrew J. Schwab sold 252,500 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the completion of the sale, the director now directly owns 66,356 shares in the company, valued at approximately $437,949.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Skye Bioscience news, Director Andrew J. Schwab sold 252,500 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total value of $1,666,500.00. Following the completion of the transaction, the director now directly owns 66,356 shares in the company, valued at approximately $437,949.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew J. Schwab sold 13,837 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $6.06, for a total transaction of $83,852.22. Following the completion of the sale, the director now directly owns 66,277 shares in the company, valued at $401,638.62. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by company insiders.

Institutional Trading of Skye Bioscience

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

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.