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

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have been assigned a consensus recommendation of “Buy” from the six ratings firms that are currently covering the stock, Marketbeat reports. Six research analysts have rated the stock with a buy recommendation. The average 1 year target price among brokers that have issued a report on the stock in the last year is $18.67.

SKYE has been the topic of several recent analyst reports. Scotiabank began coverage on Skye Bioscience in a research report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 price target on the stock. Piper Sandler reiterated an “overweight” rating and issued a $20.00 target price on shares of Skye Bioscience in a report on Friday, September 20th. JMP Securities began coverage on shares of Skye Bioscience in a report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price target for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $14.00 price objective on shares of Skye Bioscience in a research note on Friday, September 20th.

Skye Bioscience Trading Down 1.2 %

NASDAQ SKYE opened at $4.12 on Tuesday. The firm’s 50 day moving average price is $5.06 and its two-hundred day moving average price is $4.99. Skye Bioscience has a twelve month low of $1.44 and a twelve month high of $19.41.

Insider Buying and Selling

In other news, CFO Kaitlyn Arsenault sold 43,206 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $215,597.94. Following the sale, the chief financial officer now directly owns 166,342 shares of the company’s stock, valued at approximately $830,046.58. This trade represents a 20.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Punit Dhillon sold 82,546 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $411,904.54. Following the transaction, the chief executive officer now directly owns 329,823 shares of the company’s stock, valued at $1,645,816.77. This represents a 20.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 498,768 shares of company stock worth $2,910,713 in the last quarter. 3.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Skye Bioscience

Hedge funds and other institutional investors have recently modified their holdings of the stock. Sphera Funds Management LTD. raised its stake in Skye Bioscience by 20.4% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock valued at $6,113,000 after purchasing an additional 265,210 shares during the last quarter. Baker BROS. Advisors LP raised its position in shares of Skye Bioscience by 186.9% during the third quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock valued at $5,609,000 after buying an additional 934,634 shares during the last quarter. Logos Global Management LP bought a new stake in shares of Skye Bioscience in the second quarter valued at about $10,425,000. CVI Holdings LLC acquired a new stake in Skye Bioscience during the second quarter worth about $5,445,000. Finally, Driehaus Capital Management LLC bought a new position in Skye Bioscience during the second quarter valued at about $5,213,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

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.