Skye Bioscience, Inc. (NASDAQ:SKYE) Given Average Recommendation of “Buy” by Brokerages

Skye Bioscience, Inc. (NASDAQ:SKYE) has been given a consensus rating of “Buy” by the seven ratings firms that are currently covering the firm, MarketBeat.com reports. Seven investment analysts have rated the stock with a buy rating. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $18.00.

Several research firms recently weighed in on SKYE. Craig Hallum decreased their target price on shares of Skye Bioscience from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, March 21st. William Blair reiterated an “outperform” rating on shares of Skye Bioscience in a research note on Friday, March 21st.

Skye Bioscience Stock Performance

NASDAQ:SKYE opened at $1.87 on Tuesday. The company has a market cap of $57.92 million, a PE ratio of -2.60 and a beta of 1.71. The stock has a 50-day simple moving average of $2.47 and a 200 day simple moving average of $2.74. Skye Bioscience has a 52-week low of $1.81 and a 52-week high of $17.65.

Skye Bioscience (NASDAQ:SKYE) last released its earnings results on Thursday, March 20th. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.06. During the same quarter in the prior year, the company posted ($0.36) earnings per share. On average, research analysts predict that Skye Bioscience will post -1.04 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new stake in shares of Skye Bioscience in the fourth quarter valued at about $29,000. Wells Fargo & Company MN grew its position in shares of Skye Bioscience by 49.0% during the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock worth $32,000 after purchasing an additional 3,684 shares in the last quarter. Two Sigma Advisers LP bought a new position in shares of Skye Bioscience during the fourth quarter worth approximately $32,000. Squarepoint Ops LLC acquired a new stake in shares of Skye Bioscience in the fourth quarter valued at approximately $38,000. Finally, Jane Street Group LLC bought a new stake in shares of Skye Bioscience in the third quarter valued at approximately $48,000. 21.09% of the stock is owned by institutional investors and hedge funds.

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.