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

Skye Bioscience, Inc. (NASDAQ:SKYE) has been given a consensus recommendation of “Moderate Buy” by the seven ratings firms that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $9.80.

Skye Bioscience Stock Performance

Shares of SKYE stock opened at $0.71 on Thursday. Skye Bioscience has a 1 year low of $0.57 and a 1 year high of $5.75. The stock has a market cap of $25.00 million, a PE ratio of -0.49 and a beta of 2.95. The business’s fifty day moving average is $0.81 and its 200-day moving average is $0.85.

Skye Bioscience (NASDAQ:SKYE) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.03). Equities research analysts predict that Skye Bioscience will post -1.07 earnings per share for the current year.

Hedge Funds Weigh In On Skye Bioscience

Several hedge funds have recently modified their holdings of SKYE. Marshall Wace LLP acquired a new position in shares of Skye Bioscience during the 2nd quarter valued at $436,000. Qube Research & Technologies Ltd acquired a new position in shares of Skye Bioscience during the 2nd quarter valued at $218,000. Tower Research Capital LLC TRC increased its position in shares of Skye Bioscience by 121.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock valued at $46,000 after purchasing an additional 5,989 shares during the period. Vanguard Group Inc. grew its holdings in shares of 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 acquiring an additional 44,824 shares during the last quarter. Finally, Dimensional Fund Advisors LP acquired a new position in shares of Skye Bioscience in the 3rd quarter worth $53,000. 21.09% of the stock is currently owned by institutional investors and hedge funds.

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.