Skye Bioscience, Inc. (NASDAQ:SKYE) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have received a consensus recommendation of “Buy” from the six ratings firms that are covering the stock, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $18.67.

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

Skye Bioscience Stock Performance

NASDAQ:SKYE traded up $0.13 during mid-day trading on Monday, hitting $3.88. The stock had a trading volume of 60,349 shares, compared to its average volume of 166,635. Skye Bioscience has a twelve month low of $1.44 and a twelve month high of $19.41. The stock has a 50 day simple moving average of $5.50.

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

Insiders Place Their Bets

In other news, Director Andrew J. Schwab sold 13,837 shares of the firm’s 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 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. In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were 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 of the company’s stock, valued at approximately $401,638.62. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Andrew J. Schwab sold 252,500 shares of the company’s 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 sale, the director now directly owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. The disclosure for this sale can be found here. Corporate insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Skye Bioscience

Large investors have recently modified their holdings of the business. Logos Global Management LP acquired a new position in shares of Skye Bioscience during the 2nd quarter worth $10,425,000. CVI Holdings LLC acquired a new stake in Skye Bioscience in the second quarter valued at about $5,445,000. Driehaus Capital Management LLC bought a new position in Skye Bioscience in the second quarter valued at about $5,213,000. Point72 Asset Management L.P. bought a new position in Skye Bioscience in the second quarter valued at about $4,486,000. Finally, Perceptive Advisors LLC acquired a new position in Skye Bioscience during the second quarter worth about $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.