Skye Bioscience (NASDAQ:SKYE) Earns Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Skye Bioscience (NASDAQ:SKYE) in a report published on Friday, Benzinga reports. Cantor Fitzgerald currently has a $14.00 price objective on the stock.

Other research analysts have also recently issued reports about the stock. JMP Securities initiated coverage on shares of Skye Bioscience in a report on Tuesday, September 10th. They set an outperform rating and a $15.00 price target on the stock. Craig Hallum started coverage on Skye Bioscience in a research report on Tuesday, July 9th. They set a buy rating and a $18.00 price target for the company. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Skye Bioscience has a consensus rating of Buy and a consensus price target of $18.40.

Skye Bioscience Stock Performance

Shares of Skye Bioscience stock traded down $2.33 on Friday, hitting $3.16. The company had a trading volume of 3,278,764 shares, compared to its average volume of 142,774. Skye Bioscience has a 1 year low of $1.44 and a 1 year high of $19.41. The stock has a 50 day moving average of $5.87 and a 200-day moving average of $6.44.

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

Insiders Place Their Bets

In other news, Director Andrew J. Schwab sold 13,837 shares of the stock in a transaction on 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 transaction, the director now owns 66,277 shares in the company, valued at approximately $401,638.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Skye Bioscience news, Director Andrew J. Schwab sold 252,500 shares of the business’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 sale, the director now owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Andrew J. Schwab sold 13,837 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.06, for a total value of $83,852.22. Following the completion of the transaction, the director now directly owns 66,277 shares of the company’s stock, valued at $401,638.62. The disclosure for this sale can be found here. Company insiders own 0.73% of the company’s stock.

Institutional Trading of Skye Bioscience

Institutional investors have recently added to or reduced their stakes in the stock. AdvisorShares Investments LLC purchased a new stake in Skye Bioscience in the 2nd quarter worth approximately $210,000. Cubist Systematic Strategies LLC bought a new position in shares of Skye Bioscience in the second quarter worth $30,000. Point72 Asset Management L.P. purchased a new stake in shares of Skye Bioscience in the second quarter worth $4,486,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Skye Bioscience during the second quarter valued at $222,000. Finally, Point72 DIFC Ltd purchased a new position in Skye Bioscience during the second quarter worth about $48,000. 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.