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

Skye Bioscience, Inc. (NASDAQ:SKYE) has been given a consensus recommendation of “Moderate Buy” by the six ratings firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $8.50.

Skye Bioscience Stock Performance

NASDAQ SKYE opened at $0.69 on Monday. The stock has a market capitalization of $24.25 million, a price-to-earnings ratio of -0.48 and a beta of 2.94. The business’s 50 day moving average is $0.76 and its two-hundred day moving average is $0.79. Skye Bioscience has a 12-month low of $0.57 and a 12-month high of $4.99.

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

Institutional Investors Weigh In On Skye Bioscience

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC grew its stake in Skye Bioscience by 121.3% in the 2nd 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 during the period. Dimensional Fund Advisors LP purchased a new position in shares of Skye Bioscience during the 3rd quarter worth $53,000. Two Sigma Investments LP boosted its holdings in shares of Skye Bioscience by 46.2% during the third quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock worth $363,000 after purchasing an additional 29,163 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Skye Bioscience by 5.3% during the third 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. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of Skye Bioscience in the second quarter valued at $218,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

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.