Brokerages Set Skye Bioscience, Inc. (NASDAQ:SKYE) PT at $18.67

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have earned an average recommendation of “Buy” from the six brokerages that are covering the company, MarketBeat reports. Six equities research analysts have rated the stock with a buy recommendation. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $18.67.

Separately, William Blair assumed coverage on shares of Skye Bioscience in a report on Friday. They issued an “outperform” rating on the stock.

Skye Bioscience Stock Performance

SKYE stock opened at $2.68 on Friday. Skye Bioscience has a 12-month low of $2.31 and a 12-month high of $19.41. The company’s fifty day simple moving average is $3.02 and its 200 day simple moving average is $3.17.

Institutional Investors Weigh In On Skye Bioscience

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wells Fargo & Company MN increased its stake in Skye Bioscience by 49.0% in the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock valued at $32,000 after purchasing an additional 3,684 shares in the last quarter. Virtu Financial LLC bought a new stake in Skye Bioscience in the fourth quarter valued at $29,000. Bank of America Corp DE increased its stake in Skye Bioscience by 37.4% in the fourth quarter. Bank of America Corp DE now owns 39,257 shares of the company’s stock valued at $111,000 after purchasing an additional 10,696 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Skye Bioscience by 20.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company’s stock worth $176,000 after acquiring an additional 10,707 shares in the last quarter. Finally, Two Sigma Advisers LP bought a new stake in shares of Skye Bioscience during the fourth quarter worth about $32,000. 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.