Skye Bioscience’s (SKYE) “Overweight” Rating Reiterated at Piper Sandler

Skye Bioscience (NASDAQ:SKYE)‘s stock had its “overweight” rating restated by analysts at Piper Sandler in a report released on Friday, Benzinga reports. They presently have a $20.00 price target on the stock.

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

Skye Bioscience Price Performance

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

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

Insider Transactions at Skye Bioscience

In other news, Director Andrew J. Schwab sold 252,500 shares of Skye Bioscience stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total value of $1,666,500.00. Following the transaction, the director now directly owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total value of $1,666,500.00. Following the completion of the sale, the director now owns 66,356 shares in the company, valued at $437,949.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Andrew J. Schwab sold 13,837 shares of the business’s stock in a transaction that occurred 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 transaction, 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. Insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Skye Bioscience

Institutional investors have recently added to or reduced their stakes in the company. Point72 DIFC Ltd acquired a new position in shares of Skye Bioscience in the second quarter worth about $48,000. Cubist Systematic Strategies LLC acquired a new stake in Skye Bioscience during the 2nd quarter valued at approximately $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Skye Bioscience during the 2nd quarter worth approximately $222,000. Point72 Asset Management L.P. acquired a new position in shares of Skye Bioscience in the 2nd quarter valued at approximately $4,486,000. Finally, Perceptive Advisors LLC purchased a new position in shares of Skye Bioscience during the 2nd quarter valued at approximately $4,005,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

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.