Skye Bioscience (NASDAQ:SKYE) Research Coverage Started at Scotiabank

Scotiabank began coverage on shares of Skye Bioscience (NASDAQ:SKYE) in a report released on Monday morning, Briefing.com reports. The firm issued a sector outperform rating and a $20.00 price target on the stock.

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

Skye Bioscience Stock Performance

SKYE stock 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 firm has a 50 day 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 for the quarter, meeting the consensus estimate of ($0.20). Analysts forecast that Skye Bioscience will post -1.06 earnings per share for the current year.

Insider Activity

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 value of $83,852.22. Following the transaction, the director now owns 66,277 shares of the company’s stock, valued at approximately $401,638.62. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Andrew J. Schwab sold 252,500 shares of the firm’s stock in a transaction 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 owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 sale, the director now directly owns 66,277 shares in the company, valued at approximately $401,638.62. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Skye Bioscience

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC acquired a new position in Skye Bioscience in the 2nd quarter worth $30,000. Point72 DIFC Ltd acquired a new position in Skye Bioscience in the 2nd quarter worth $48,000. Rhumbline Advisers acquired a new position in Skye Bioscience in the 2nd quarter worth $158,000. AdvisorShares Investments LLC acquired a new position in Skye Bioscience in the 2nd quarter worth $210,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Skye Bioscience in the 2nd quarter worth $222,000. 21.09% of the stock is owned by institutional investors and hedge funds.

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.