Skye Bioscience, Inc. (NASDAQ:SKYE) Receives $18.67 Consensus Target Price from Analysts

Skye Bioscience, Inc. (NASDAQ:SKYE) has received a consensus rating of “Buy” from the six ratings firms that are presently covering the stock, Marketbeat.com reports. Six research analysts have rated the stock with a buy rating. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $18.67.

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

Skye Bioscience Stock Up 3.5 %

NASDAQ:SKYE traded up $0.13 on Monday, reaching $3.88. 60,349 shares of the company’s stock traded hands, compared to its average volume of 166,635. The stock’s 50-day moving average is $5.50. Skye Bioscience has a 12 month low of $1.44 and a 12 month high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last issued its earnings results on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). Sell-side analysts anticipate that Skye Bioscience will post -1.06 earnings per share for the current fiscal year.

Insider Activity at Skye Bioscience

In other news, Director Andrew J. Schwab sold 252,500 shares of Skye Bioscience stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total value of $1,666,500.00. Following the completion of the transaction, the director now owns 66,356 shares in the company, valued at approximately $437,949.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, 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 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew J. Schwab sold 252,500 shares of the firm’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 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. 0.73% of the stock is owned by insiders.

Institutional Investors Weigh In On Skye Bioscience

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

About Skye Bioscience

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.