Skye Bioscience (NASDAQ:SKYE) Issues Earnings Results, Beats Estimates By $0.06 EPS

Skye Bioscience (NASDAQ:SKYE) posted its quarterly earnings results on Thursday. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.06, Zacks reports.

Skye Bioscience Stock Performance

Shares of SKYE stock traded down $0.11 during trading on Thursday, hitting $1.89. The company’s stock had a trading volume of 282,538 shares, compared to its average volume of 171,887. The business has a fifty day moving average of $2.74 and a 200-day moving average of $2.87. Skye Bioscience has a 52 week low of $1.83 and a 52 week high of $17.65.

Analyst Ratings Changes

Separately, William Blair began coverage on Skye Bioscience in a report on Friday, February 28th. They set an “outperform” rating for the company. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $18.67.

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.