Weekly Investment Analysts’ Ratings Updates for Skye Bioscience (SKYE)

Several brokerages have updated their recommendations and price targets on shares of Skye Bioscience (NASDAQ: SKYE) in the last few weeks:

• 9/20/2024 – Skye Bioscience had its “overweight” rating reaffirmed by analysts at Piper Sandler. They now have a $20.00 price target on the stock.
• 9/20/2024 – Skye Bioscience had its “overweight” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $14.00 price target on the stock.
• 9/10/2024 – Skye Bioscience is now covered by analysts at JMP Securities. They set an “outperform” rating and a $15.00 price target on the stock.
• 9/6/2024 – Skye Bioscience had its “overweight” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $14.00 price target on the stock.
• 8/27/2024 – Skye Bioscience had its “overweight” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $14.00 price target on the stock.

Skye Bioscience Trading Down 5.1 %

SKYE traded down $0.20 during midday trading on Friday, hitting $3.76. The company had a trading volume of 152,010 shares, compared to its average volume of 167,080. The stock’s 50 day moving average price is $5.58 and its 200 day moving average price is $5.98. Skye Bioscience, Inc. has a 52 week low of $1.44 and a 52 week high of $19.41.

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

Insider Activity

In related news, Director Andrew J. Schwab sold 252,500 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the transaction, the director now directly owns 66,356 shares of the company’s stock, valued at $437,949.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Andrew J. Schwab sold 13,837 shares of Skye Bioscience stock in a transaction 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 directly owns 66,277 shares in the company, valued at approximately $401,638.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the transaction, the director now owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. The disclosure for this sale can be found here. Corporate insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC bought a new position in shares of Skye Bioscience during the 2nd quarter worth $30,000. Point72 DIFC Ltd purchased a new stake in Skye Bioscience during the second quarter valued at about $48,000. Rhumbline Advisers bought a new position in Skye Bioscience during the second quarter worth about $158,000. AdvisorShares Investments LLC purchased a new position in shares of Skye Bioscience in the second quarter worth about $210,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Skye Bioscience in the second quarter worth about $222,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

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.