Skye Bioscience (NASDAQ:SKYE) Rating Reiterated by Cantor Fitzgerald

Skye Bioscience (NASDAQ:SKYE)‘s stock had its “overweight” rating reaffirmed by investment analysts at Cantor Fitzgerald in a research report issued on Friday, Benzinga reports. They presently have a $14.00 price objective on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 139.73% from the stock’s previous close.

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

Skye Bioscience Trading Down 3.6 %

Shares of NASDAQ:SKYE opened at $5.84 on Friday. The stock has a 50-day simple moving average of $5.49 and a 200-day simple moving average of $7.03. Skye Bioscience has a 1 year low of $1.44 and a 1 year high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). On average, equities analysts predict that Skye Bioscience will post -1.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Logos Global Management LP purchased a new stake in Skye Bioscience during the 2nd quarter worth $10,425,000. CVI Holdings LLC acquired a new position in shares of Skye Bioscience in the second quarter worth about $5,445,000. Driehaus Capital Management LLC purchased a new position in Skye Bioscience in the second quarter valued at about $5,213,000. Point72 Asset Management L.P. acquired a new stake in Skye Bioscience during the 2nd quarter valued at approximately $4,486,000. Finally, Perceptive Advisors LLC purchased a new stake in Skye Bioscience during the 2nd quarter worth approximately $4,005,000. 21.09% of the stock is currently owned by hedge funds and other 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.