Skye Bioscience, Inc. (NASDAQ:SKYE) Given Average Rating of “Buy” by Brokerages

Skye Bioscience, Inc. (NASDAQ:SKYE) has been given an average recommendation of “Buy” by the six analysts that are presently covering the stock, MarketBeat reports. Six research analysts have rated the stock with a buy recommendation. The average twelve-month target price among analysts that have covered the stock in the last year is $18.67.

SKYE has been the topic of a number of research analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. Scotiabank assumed coverage on Skye Bioscience in a research note on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 target price for the company. JMP Securities started coverage on shares of Skye Bioscience in a research report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price target on the stock. Finally, Piper Sandler restated an “overweight” rating and issued a $20.00 price objective on shares of Skye Bioscience in a research report on Friday, September 20th.

Insiders Place Their Bets

In related news, insider Tuan Tu Diep sold 19,489 shares of Skye Bioscience stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $97,250.11. Following the completion of the sale, the insider now directly owns 82,259 shares of the company’s stock, valued at $410,472.41. The trade was a 19.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Punit Dhillon sold 82,546 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $411,904.54. Following the completion of the sale, the chief executive officer now owns 329,823 shares of the company’s stock, valued at $1,645,816.77. This represents a 20.02 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 232,431 shares of company stock valued at $1,160,360. 3.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Skye Bioscience

Large investors have recently bought and sold shares of the company. Cubist Systematic Strategies LLC bought a new stake in shares of Skye Bioscience in the 2nd quarter valued at $30,000. Point72 DIFC Ltd acquired a new position in Skye Bioscience in the second quarter valued at about $48,000. Jane Street Group LLC acquired a new stake in shares of Skye Bioscience during the third quarter worth about $48,000. Barclays PLC lifted its holdings in shares of Skye Bioscience by 36.7% during the 3rd quarter. Barclays PLC now owns 57,889 shares of the company’s stock valued at $226,000 after purchasing an additional 15,551 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Skye Bioscience by 4.2% in the 3rd quarter. Geode Capital Management LLC now owns 385,793 shares of the company’s stock valued at $1,509,000 after purchasing an additional 15,614 shares during the period. Institutional investors own 21.09% of the company’s stock.

Skye Bioscience Stock Performance

NASDAQ:SKYE opened at $3.01 on Friday. Skye Bioscience has a 12 month low of $2.25 and a 12 month high of $19.41. The company’s 50-day moving average price is $4.03 and its two-hundred day moving average price is $4.50.

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.