Skye Bioscience (NASDAQ:SKYE) Price Target Lowered to $14.00 at Craig Hallum

Skye Bioscience (NASDAQ:SKYE) had its price objective dropped by stock analysts at Craig Hallum from $18.00 to $14.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock.

Separately, William Blair reaffirmed an “outperform” rating on shares of Skye Bioscience in a report on Friday. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $18.00.

Skye Bioscience Stock Performance

Shares of NASDAQ SKYE opened at $2.25 on Friday. Skye Bioscience has a twelve month low of $1.83 and a twelve month high of $17.65. The stock’s 50 day moving average price is $2.66 and its 200-day moving average price is $2.81.

Skye Bioscience (NASDAQ:SKYE) last announced its earnings results on Thursday, March 20th. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.06. During the same period in the previous year, the company posted ($0.36) earnings per share. As a group, research analysts anticipate that Skye Bioscience will post -1.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Skye Bioscience

A number of hedge funds have recently modified their holdings of SKYE. BNP Paribas Financial Markets raised its holdings in shares of Skye Bioscience by 71.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock worth $185,000 after purchasing an additional 19,704 shares during the period. Baker BROS. Advisors LP raised its holdings in Skye Bioscience by 186.9% during the 3rd quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock valued at $5,609,000 after acquiring an additional 934,634 shares during the period. State Street Corp raised its holdings in Skye Bioscience by 7.0% during the 3rd quarter. State Street Corp now owns 354,205 shares of the company’s stock valued at $1,385,000 after acquiring an additional 23,201 shares during the period. Sphera Funds Management LTD. raised its holdings 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 acquiring an additional 265,210 shares during the period. Finally, Jane Street Group LLC bought a new stake in Skye Bioscience during the 3rd quarter valued at $48,000. Institutional investors own 21.09% of the company’s stock.

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.