Skye Bioscience, Inc. (NASDAQ:SKYE) Receives Average Recommendation of “Buy” from Analysts

Skye Bioscience, Inc. (NASDAQ:SKYE) has been assigned a consensus recommendation of “Buy” from the six research firms that are covering the company, Marketbeat reports. Six research analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokerages that have covered the stock in the last year is $16.60.

A number of analysts have recently issued reports on the stock. William Blair reaffirmed an “outperform” rating on shares of Skye Bioscience in a report on Friday, March 21st. Craig Hallum dropped their price objective on shares of Skye Bioscience from $18.00 to $14.00 and set a “buy” rating for the company in a report on Friday, March 21st.

Institutional Trading of Skye Bioscience

Hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC bought a new stake in Skye Bioscience in the fourth quarter worth $29,000. Wells Fargo & Company MN lifted its stake in Skye Bioscience by 49.0% in the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock worth $32,000 after purchasing an additional 3,684 shares during the last quarter. Two Sigma Advisers LP bought a new stake in Skye Bioscience in the fourth quarter worth $32,000. Jane Street Group LLC bought a new stake in Skye Bioscience in the third quarter worth $48,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Skye Bioscience in the fourth quarter valued at about $38,000. 21.09% of the stock is owned by institutional investors.

Skye Bioscience Stock Performance

NASDAQ SKYE opened at $1.94 on Wednesday. Skye Bioscience has a 52-week low of $1.14 and a 52-week high of $13.44. The company has a market capitalization of $60.09 million, a P/E ratio of -2.37 and a beta of 1.74. The company has a fifty day moving average of $1.74 and a 200-day moving average of $2.20.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.03. As a group, analysts forecast that Skye Bioscience will post -1.04 EPS for the current fiscal year.

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.