Shares of Skye Bioscience, Inc. (NASDAQ:SKYE – Get Free Report) have received a consensus recommendation of “Buy” from the six ratings firms that are covering the stock, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $18.67.
SKYE has been the subject of a number of research analyst reports. JMP Securities initiated coverage on shares of Skye Bioscience in a research report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price objective for the company. Craig Hallum began coverage on shares of Skye Bioscience in a report on Tuesday, July 9th. They set a “buy” rating and a $18.00 target price for the company. Piper Sandler reissued an “overweight” rating and issued a $20.00 price target on shares of Skye Bioscience in a report on Friday, September 20th. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price objective on shares of Skye Bioscience in a report on Friday, September 20th. Finally, Scotiabank initiated coverage on Skye Bioscience in a research note on Monday. They set a “sector outperform” rating and a $20.00 target price on the stock.
Read Our Latest Research Report on Skye Bioscience
Skye Bioscience Stock Performance
Skye Bioscience (NASDAQ:SKYE – Get Free Report) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.20). As a group, equities analysts forecast that Skye Bioscience will post -1.06 earnings per share for the current year.
Insiders Place Their Bets
In other news, Director Andrew J. Schwab sold 13,837 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $6.06, for a total transaction of $83,852.22. Following the transaction, the director now directly owns 66,277 shares of the company’s stock, valued at $401,638.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $6.06, for a total value of $83,852.22. Following the transaction, the director now directly owns 66,277 shares of the company’s stock, valued at approximately $401,638.62. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Andrew J. Schwab sold 252,500 shares of the company’s stock in a transaction that occurred on 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 sale, the director now directly 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 Investors Weigh In On Skye Bioscience
Large investors have recently modified their holdings of the business. Logos Global Management LP acquired a new position in shares of Skye Bioscience during the 2nd quarter worth $10,425,000. CVI Holdings LLC acquired a new stake in Skye Bioscience in the second quarter valued at about $5,445,000. Driehaus Capital Management LLC bought a new position in Skye Bioscience in the second quarter valued at about $5,213,000. Point72 Asset Management L.P. bought a new position in Skye Bioscience in the second quarter valued at about $4,486,000. Finally, Perceptive Advisors LLC acquired a new position in Skye Bioscience during the second quarter worth about $4,005,000. Institutional investors and hedge funds own 21.09% of the company’s stock.
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.
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