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

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have been given an average recommendation of “Moderate Buy” by the eight brokerages that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $9.80.

A number of analysts have recently issued reports on the stock. Citigroup reiterated a “market outperform” rating on shares of Skye Bioscience in a report on Monday, January 5th. Weiss Ratings restated a “sell (e+)” rating on shares of Skye Bioscience in a report on Monday, December 29th.

Skye Bioscience Price Performance

SKYE stock opened at $0.72 on Friday. The stock has a market capitalization of $23.12 million, a P/E ratio of -0.56 and a beta of 2.87. Skye Bioscience has a fifty-two week low of $0.68 and a fifty-two week high of $5.75. The business has a 50-day moving average of $0.95 and a 200-day moving average of $2.07.

Skye Bioscience (NASDAQ:SKYE) last released its earnings results on Monday, November 10th. The company reported ($0.32) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.01. Equities analysts expect that Skye Bioscience will post -1.04 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Capital Advisors Inc. OK bought a new stake in shares of Skye Bioscience during the 3rd quarter worth approximately $39,000. Y Intercept Hong Kong Ltd acquired a new position in Skye Bioscience during the second quarter worth $42,000. Millington Financial Advisors LLC acquired a new position in Skye Bioscience during the second quarter worth $44,000. Tower Research Capital LLC TRC raised its position in Skye Bioscience by 121.3% during the second quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after acquiring an additional 5,989 shares in the last quarter. Finally, Dimensional Fund Advisors LP acquired a new stake in Skye Bioscience in the third quarter valued at $53,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

About Skye Bioscience

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.