Skye Bioscience’s (SKYE) Overweight Rating Reaffirmed at Cantor Fitzgerald

Skye Bioscience (NASDAQ:SKYE)‘s stock had its “overweight” rating reaffirmed by investment analysts at Cantor Fitzgerald in a research note issued on Tuesday, Benzinga reports. They currently have a $14.00 price objective on the stock. Cantor Fitzgerald’s target price indicates a potential upside of 104.08% from the stock’s previous close.

Separately, Craig Hallum initiated coverage on shares of Skye Bioscience in a research note on Tuesday, July 9th. They issued a “buy” rating and a $18.00 target price on the stock.

Skye Bioscience Stock Performance

Shares of NASDAQ:SKYE opened at $6.86 on Tuesday. The business has a 50-day moving average of $5.36 and a two-hundred day moving average of $7.78. Skye Bioscience has a 12 month low of $1.44 and a 12 month high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last posted its earnings results on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.20). As a group, equities research analysts anticipate that Skye Bioscience will post -0.95 EPS for the current year.

Institutional Trading of Skye Bioscience

Several large investors have recently bought and sold shares of the company. Cubist Systematic Strategies LLC purchased a new position in shares of Skye Bioscience in the second quarter valued at $30,000. Point72 DIFC Ltd acquired a new position in Skye Bioscience in the 2nd quarter worth $48,000. Rhumbline Advisers acquired a new position in Skye Bioscience in the 2nd quarter worth $158,000. AdvisorShares Investments LLC purchased a new position in Skye Bioscience in the 2nd quarter valued at about $210,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Skye Bioscience during the second quarter valued at about $222,000. 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.