Skye Bioscience, Inc. (NASDAQ:SKYE) Receives $18.67 Average PT from Brokerages

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have been given a consensus rating of “Buy” by the six ratings firms that are presently covering the firm, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy rating. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $18.67.

A number of equities research analysts have recently issued reports on the company. Scotiabank assumed coverage on Skye Bioscience in a research report on Monday. They set a “sector outperform” rating and a $20.00 target price on the stock. Craig Hallum began coverage on shares of Skye Bioscience in a report on Tuesday, July 9th. They issued a “buy” rating and a $18.00 target price for the company. JMP Securities assumed coverage on shares of Skye Bioscience in a report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $14.00 price objective on shares of Skye Bioscience in a research report on Friday, September 20th. Finally, Piper Sandler reiterated an “overweight” rating and set a $20.00 price target on shares of Skye Bioscience in a report on Friday, September 20th.

Insider Buying and Selling

In other news, Director Andrew J. Schwab sold 13,837 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $6.06, for a total transaction of $83,852.22. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Andrew J. Schwab sold 252,500 shares of the company’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 approximately $437,949.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Andrew J. Schwab sold 13,837 shares of the 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 in the company, valued at approximately $401,638.62. The disclosure for this sale can be found here. 0.73% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Skye Bioscience

A number of large investors have recently added to or reduced their stakes in SKYE. Cubist Systematic Strategies LLC bought a new position in shares of Skye Bioscience in the second quarter valued at approximately $30,000. Point72 DIFC Ltd bought a new position in Skye Bioscience in the 2nd quarter worth $48,000. Rhumbline Advisers bought a new stake in Skye Bioscience during the second quarter valued at about $158,000. AdvisorShares Investments LLC acquired a new stake in shares of Skye Bioscience in the second quarter valued at about $210,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Skye Bioscience in the second quarter worth about $222,000. Institutional investors own 21.09% of the company’s stock.

Skye Bioscience Price Performance

Shares of SKYE traded up $0.13 during mid-day trading on Monday, hitting $3.88. The company’s stock had a trading volume of 60,349 shares, compared to its average volume of 166,635. The company has a 50-day moving average of $5.50. Skye Bioscience has a fifty-two week low of $1.44 and a fifty-two week high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings results on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). As a group, equities research analysts forecast that Skye Bioscience will post -1.06 EPS 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.