Scotiabank Begins Coverage on Skye Bioscience (NASDAQ:SKYE)

Equities researchers at Scotiabank started coverage on shares of Skye Bioscience (NASDAQ:SKYE) in a note issued to investors on Monday, Briefing.com reports. The brokerage set a “sector outperform” rating and a $20.00 price target on the stock. Scotiabank’s price target suggests a potential upside of 433.33% from the company’s current price.

Several other equities research analysts have also recently weighed in on SKYE. Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. Craig Hallum started coverage on shares of Skye Bioscience in a research report on Tuesday, July 9th. They issued a “buy” rating and a $18.00 price target on the stock. Piper Sandler restated an “overweight” rating and issued a $20.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. Finally, JMP Securities assumed coverage on shares of Skye Bioscience in a research report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price objective on the stock. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $18.67.

Skye Bioscience Stock Performance

Shares of SKYE opened at $3.75 on Monday. Skye Bioscience has a 1 year low of $1.44 and a 1 year high of $19.41. The business’s 50 day moving average price is $5.50.

Skye Bioscience (NASDAQ:SKYE) last announced 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, equities analysts forecast that Skye Bioscience will post -1.06 EPS for the current fiscal year.

Insider Buying and Selling at Skye Bioscience

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

Institutional Trading of Skye Bioscience

Large investors have recently made changes to their positions in the stock. Point72 DIFC Ltd purchased a new stake in Skye Bioscience in the second quarter worth about $48,000. Cubist Systematic Strategies LLC purchased a new stake in Skye Bioscience in the second quarter worth about $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Skye Bioscience in the second quarter worth about $222,000. Point72 Asset Management L.P. purchased a new stake in Skye Bioscience in the second quarter worth about $4,486,000. Finally, Perceptive Advisors LLC purchased a new stake in Skye Bioscience in the second quarter worth about $4,005,000. 21.09% of the stock is owned by hedge funds and other 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.