Brokerages Set Skye Bioscience, Inc. (NASDAQ:SKYE) Target Price at $18.67

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) 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.

Insider Buying and Selling at Skye Bioscience

In related news, Director Andrew J. Schwab sold 252,500 shares of the 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 completion of the sale, the director now directly owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of Skye Bioscience stock in a transaction dated 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 owns 66,277 shares of the company’s stock, valued at $401,638.62. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Andrew J. Schwab sold 252,500 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total value of $1,666,500.00. Following the transaction, the director now directly owns 66,356 shares of the company’s stock, valued at $437,949.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.00% of the company’s stock.

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) 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.