Bank of New York Mellon Corp Invests $471,000 in Skye Bioscience, Inc. (NASDAQ:SKYE)

Bank of New York Mellon Corp purchased a new stake in Skye Bioscience, Inc. (NASDAQ:SKYE) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 58,778 shares of the company’s stock, valued at approximately $471,000. Bank of New York Mellon Corp owned 0.21% of Skye Bioscience as of its most recent SEC filing.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $14.00 target price on shares of Skye Bioscience in a research note on Friday, September 20th. Piper Sandler reissued an “overweight” rating and issued a $20.00 price objective on shares of Skye Bioscience in a research note on Friday, September 20th. Craig Hallum started coverage on shares of Skye Bioscience in a research report on Tuesday, July 9th. They set a “buy” rating and a $18.00 price objective for the company. Finally, JMP Securities assumed coverage on shares of Skye Bioscience in a report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 target price on the stock. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $18.40.

Insider Activity

In other news, Director Andrew J. Schwab sold 13,837 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $6.06, for a total transaction of $83,852.22. Following the sale, the director now owns 66,277 shares of the company’s stock, valued at approximately $401,638.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Andrew J. Schwab sold 13,837 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.06, for a total value of $83,852.22. Following the completion of the transaction, the director now owns 66,277 shares in the company, valued at $401,638.62. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Andrew J. Schwab sold 252,500 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the completion of the sale, the director now owns 66,356 shares in the company, valued at $437,949.60. The disclosure for this sale can be found here. Insiders own 0.73% of the company’s stock.

Skye Bioscience Price Performance

Skye Bioscience stock opened at $4.01 on Wednesday. Skye Bioscience, Inc. has a one year low of $1.44 and a one year high of $19.41. The business has a fifty day moving average of $5.70 and a two-hundred day moving average of $6.15.

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

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.