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

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have received an average rating of “Buy” from the six research firms that are covering the company, MarketBeat.com reports. Six analysts have rated the stock with a buy rating. The average 12-month target price among analysts that have covered the stock in the last year is $18.67.

Several research firms have commented on SKYE. Scotiabank started coverage on Skye Bioscience in a research report on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 target price for the company. Piper Sandler reiterated an “overweight” rating and set a $20.00 target price on shares of Skye Bioscience in a research report on Friday, September 20th. JMP Securities started coverage on shares of Skye Bioscience in a report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 target price on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th.

Skye Bioscience Trading Down 7.4 %

Shares of NASDAQ:SKYE opened at $3.01 on Friday. Skye Bioscience has a 52-week low of $2.25 and a 52-week high of $19.41. The company has a fifty day moving average of $4.03 and a 200-day moving average of $4.50.

Insider Transactions at Skye Bioscience

In related news, Director Paul A. Grayson sold 86,244 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $430,357.56. Following the sale, the director now owns 259,701 shares in the company, valued at $1,295,907.99. This represents a 24.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Tuan Tu Diep sold 19,489 shares of Skye Bioscience stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $97,250.11. Following the completion of the sale, the insider now owns 82,259 shares of the company’s stock, valued at approximately $410,472.41. The trade was a 19.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 232,431 shares of company stock worth $1,160,360 over the last three months. 3.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Sphera Funds Management LTD. increased its stake in Skye Bioscience by 20.4% in the third 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 in the last quarter. Baker BROS. Advisors LP increased its position in Skye Bioscience by 186.9% in the 3rd 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 in the last quarter. Logos Global Management LP acquired a new position in Skye Bioscience during the 2nd quarter worth approximately $10,425,000. CVI Holdings LLC bought a new position in Skye Bioscience in the second quarter worth approximately $5,445,000. Finally, Driehaus Capital Management LLC acquired a new stake in Skye Bioscience in the second quarter valued at approximately $5,213,000. 21.09% of the stock is owned by institutional investors.

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.