Skye Bioscience (NASDAQ:SKYE) Trading Down 1.8%

Skye Bioscience, Inc. (NASDAQ:SKYE) fell 1.8% during mid-day trading on Wednesday . The stock traded as low as $12.32 and last traded at $12.50. 29,170 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 64,026 shares. The stock had previously closed at $12.73.

Analysts Set New Price Targets

SKYE has been the topic of a number of recent research reports. Piper Sandler restated an “overweight” rating and set a $20.00 price target (up from $12.00) on shares of Skye Bioscience in a research note on Thursday, March 14th. Oppenheimer began coverage on Skye Bioscience in a research report on Friday, April 12th. They set an “outperform” rating and a $25.00 target price on the stock.

Skye Bioscience Stock Down 1.8 %

The stock has a market capitalization of $154.38 million, a P/E ratio of -1.17 and a beta of 1.74. The company has a 50-day moving average price of $13.52 and a two-hundred day moving average price of $8.51.

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.