Skye Bioscience (NASDAQ:SKYE) Given “Market Outperform” Rating at JMP Securities

Skye Bioscience (NASDAQ:SKYE)‘s stock had its “market outperform” rating reissued by JMP Securities in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $15.00 price target on the stock. JMP Securities’ price objective suggests a potential upside of 306.50% from the stock’s current price.

Other analysts also recently issued research reports about the stock. William Blair reissued an “outperform” rating on shares of Skye Bioscience in a research report on Tuesday, May 20th. Craig Hallum decreased their price objective on Skye Bioscience from $18.00 to $14.00 and set a “buy” rating for the company in a report on Friday, March 21st. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $16.60.

Skye Bioscience Trading Up 1.9%

SKYE opened at $3.69 on Tuesday. The company has a fifty day moving average price of $2.30 and a two-hundred day moving average price of $1.95. Skye Bioscience has a 1-year low of $1.14 and a 1-year high of $8.44. The company has a market cap of $114.32 million, a P/E ratio of -4.50 and a beta of 1.69.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.03. On average, research analysts forecast that Skye Bioscience will post -1.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SKYE. Braidwell LP bought a new position in shares of Skye Bioscience during the fourth quarter valued at about $2,337,000. Schonfeld Strategic Advisors LLC lifted its position in shares of Skye Bioscience by 48.3% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 1,422,741 shares of the company’s stock valued at $4,026,000 after purchasing an additional 463,644 shares in the last quarter. Deutsche Bank AG lifted its position in shares of Skye Bioscience by 365.0% during the fourth quarter. Deutsche Bank AG now owns 40,835 shares of the company’s stock valued at $116,000 after purchasing an additional 32,054 shares in the last quarter. Jane Street Group LLC lifted its position in shares of Skye Bioscience by 195.5% during the fourth quarter. Jane Street Group LLC now owns 36,057 shares of the company’s stock valued at $102,000 after purchasing an additional 23,857 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of Skye Bioscience during the first quarter valued at about $37,000. 21.09% of the stock is owned by institutional investors.

Skye Bioscience Company Profile

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.