Skye Bioscience, Inc. (NASDAQ:SKYE) Given Average Rating of “Buy” by Analysts

Skye Bioscience, Inc. (NASDAQ:SKYE) has earned a consensus recommendation of “Buy” from the six brokerages that are covering the firm, MarketBeat.com reports. Six equities research analysts have rated the stock with a buy rating. The average 12 month price target among brokers that have covered the stock in the last year is $18.67.

SKYE has been the subject of several recent analyst reports. Craig Hallum assumed coverage on shares of Skye Bioscience in a research note on Tuesday, July 9th. They set a “buy” rating and a $18.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. Piper Sandler reiterated an “overweight” rating and issued a $20.00 price objective on shares of Skye Bioscience in a research report on Friday, September 20th. JMP Securities initiated coverage on Skye Bioscience in a research report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 target price for the company. Finally, Scotiabank began coverage on Skye Bioscience in a report on Monday. They issued a “sector outperform” rating and a $20.00 price target on the stock.

Skye Bioscience Price Performance

Shares of Skye Bioscience stock traded up $0.13 during trading hours on Monday, reaching $3.88. The company had a trading volume of 60,349 shares, compared to its average volume of 166,635. Skye Bioscience has a one year low of $1.44 and a one year high of $19.41. The business has a fifty day moving average price of $5.50.

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

Insider Transactions at Skye Bioscience

In related news, Director Andrew J. Schwab sold 13,837 shares of the firm’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 transaction, the director now directly owns 66,277 shares of the company’s stock, valued at approximately $401,638.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of the stock in a transaction that occurred 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 directly owns 66,277 shares in the company, valued at $401,638.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Andrew J. Schwab sold 252,500 shares of Skye Bioscience stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the transaction, the director now directly owns 66,356 shares in the company, 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

Several institutional investors have recently added to or reduced their stakes in the business. Logos Global Management LP bought a new stake in shares of Skye Bioscience in the 2nd quarter valued at about $10,425,000. CVI Holdings LLC purchased a new stake in shares of Skye Bioscience during the second quarter valued at approximately $5,445,000. Driehaus Capital Management LLC bought a new position in shares of Skye Bioscience in the second quarter worth approximately $5,213,000. Point72 Asset Management L.P. purchased a new position in shares of Skye Bioscience in the second quarter worth $4,486,000. Finally, Perceptive Advisors LLC purchased a new position in shares of Skye Bioscience in the second quarter valued at about $4,005,000. 21.09% of the stock is currently 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.