Skye Bioscience (NASDAQ:SKYE) Stock Price Down 1.9% – Here’s Why

Skye Bioscience, Inc. (NASDAQ:SKYE)’s stock price was down 1.9% on Wednesday . The company traded as low as $0.7906 and last traded at $0.8340. Approximately 985,366 shares traded hands during mid-day trading, an increase of 184% from the average daily volume of 347,103 shares. The stock had previously closed at $0.85.

Wall Street Analyst Weigh In

SKYE has been the topic of a number of analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Skye Bioscience in a report on Monday. HC Wainwright started coverage on Skye Bioscience in a research report on Tuesday, September 30th. They set a “buy” rating and a $20.00 target price for the company. Craig Hallum lowered shares of Skye Bioscience from a “buy” rating to a “hold” rating and set a $2.00 price target on the stock. in a research report on Monday, October 6th. Finally, Cantor Fitzgerald cut shares of Skye Bioscience from an “overweight” rating to a “neutral” rating and set a $2.00 price objective for the company. in a research note on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $9.80.

Skye Bioscience Trading Down 1.9%

The firm has a 50-day moving average of $1.30 and a two-hundred day moving average of $2.72. The firm has a market cap of $26.74 million, a price-to-earnings ratio of -0.65 and a beta of 2.68.

Skye Bioscience (NASDAQ:SKYE) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.32) EPS for the quarter, topping the consensus estimate of ($0.33) by $0.01. As a group, equities analysts anticipate that Skye Bioscience, Inc. will post -1.04 EPS for the current year.

Institutional Trading of Skye Bioscience

A number of hedge funds have recently bought and sold shares of SKYE. Vanguard Group Inc. grew its position in Skye Bioscience by 5.3% in the 3rd quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock worth $3,469,000 after purchasing an additional 44,824 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Skye Bioscience during the second quarter valued at about $436,000. Two Sigma Investments LP lifted its stake in shares of Skye Bioscience by 46.2% in the third quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock valued at $363,000 after buying an additional 29,163 shares during the period. Qube Research & Technologies Ltd bought a new stake in shares of Skye Bioscience in the second quarter valued at about $218,000. Finally, Capital Advisors Wealth Management LLC grew its position in Skye Bioscience by 143.1% during the second quarter. Capital Advisors Wealth Management LLC now owns 50,800 shares of the company’s stock worth $212,000 after buying an additional 29,900 shares in the last quarter. 21.09% of the stock is owned by institutional investors.

Skye Bioscience Company Profile

Skye Bioscience, Inc is a clinical-stage biotechnology company focused on the development of novel, selective cannabinoid type 1 (CB1) receptor modulators for the treatment of ocular diseases. Headquartered in Sunnyvale, California, Skye Bioscience leverages proprietary chemistry and formulation expertise to design and optimize compounds with high potency, tissue selectivity and favorable drug-like properties. The company’s lead product candidate is being evaluated for the treatment of glaucoma and other ophthalmic conditions characterized by elevated intraocular pressure.

Skye Bioscience’s pipeline centers on synthetic cannabinoids engineered to avoid central nervous system side effects commonly associated with traditional cannabinoid therapies.