Shares of Skye Bioscience, Inc. (NASDAQ:SKYE – Get Free Report) have been assigned an average rating of “Buy” from the six brokerages that are presently covering the stock, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a buy rating. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $18.67.
A number of research firms recently weighed in on SKYE. JMP Securities started coverage on shares of Skye Bioscience in a research note on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price target for the company. Craig Hallum began coverage on Skye Bioscience in a research note on Tuesday, July 9th. They issued 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 research note on Friday, September 20th. Piper Sandler reissued an “overweight” rating and issued a $20.00 target price on shares of Skye Bioscience in a research note on Friday, September 20th. Finally, Scotiabank started coverage on Skye Bioscience in a research report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 target price for the company.
Get Our Latest Research Report on Skye Bioscience
Insider Buying and Selling at Skye Bioscience
Hedge Funds Weigh In On Skye Bioscience
A number of large investors have recently bought and sold shares of SKYE. Cubist Systematic Strategies LLC bought a new position in shares of Skye Bioscience in the 2nd quarter valued at about $30,000. Point72 DIFC Ltd acquired a new position in shares of Skye Bioscience during the 2nd quarter worth approximately $48,000. Rhumbline Advisers bought a new stake in shares of Skye Bioscience during the 2nd quarter worth approximately $158,000. AdvisorShares Investments LLC acquired a new stake in shares of Skye Bioscience in the 2nd quarter valued at approximately $210,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Skye Bioscience in the second quarter valued at $222,000. Institutional investors and hedge funds own 21.09% of the company’s stock.
Skye Bioscience Stock Down 6.2 %
NASDAQ:SKYE opened at $4.88 on Friday. The stock’s fifty day moving average price is $4.04 and its two-hundred day moving average price is $5.11. Skye Bioscience has a 52-week low of $1.44 and a 52-week high of $19.41.
Skye Bioscience (NASDAQ:SKYE – Get Free Report) last posted its quarterly earnings results on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) 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 fiscal year.
About Skye Bioscience
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.
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