Brokerages Set Skye Bioscience, Inc. (NASDAQ:SKYE) Target Price at $9.80

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have been given a consensus recommendation of “Moderate Buy” by the eight research firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $9.80.

SKYE has been the subject of a number of recent analyst reports. HC Wainwright initiated coverage on shares of Skye Bioscience in a research report on Tuesday, September 30th. They issued a “buy” rating and a $20.00 price objective for the company. Craig Hallum cut Skye Bioscience from a “buy” rating to a “hold” rating and set a $2.00 price target for the company. in a report on Monday, October 6th. Citigroup restated a “market outperform” rating on shares of Skye Bioscience in a research note on Monday, January 5th. Cantor Fitzgerald lowered Skye Bioscience from an “overweight” rating to a “neutral” rating and set a $2.00 price objective on the stock. in a report on Monday, October 6th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Skye Bioscience in a report on Monday, December 29th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SKYE. Marshall Wace LLP acquired a new stake in shares of Skye Bioscience during the 2nd quarter valued at approximately $436,000. Qube Research & Technologies Ltd purchased a new position in Skye Bioscience in the 2nd quarter valued at approximately $218,000. Vanguard Group Inc. increased its stake in Skye Bioscience by 5.3% in the 3rd quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock valued at $3,469,000 after purchasing an additional 44,824 shares in the last quarter. Capital Advisors Wealth Management LLC raised its holdings in Skye Bioscience by 143.1% during the second quarter. Capital Advisors Wealth Management LLC now owns 50,800 shares of the company’s stock worth $212,000 after purchasing an additional 29,900 shares during the last quarter. Finally, Two Sigma Investments LP boosted its position in 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 in the last quarter. 21.09% of the stock is currently owned by institutional investors and hedge funds.

Skye Bioscience Price Performance

NASDAQ:SKYE opened at $1.01 on Monday. The firm has a market cap of $32.38 million, a price-to-earnings ratio of -0.79 and a beta of 2.68. The firm’s fifty day moving average price is $1.06 and its 200 day moving average price is $2.34. Skye Bioscience has a 1-year low of $0.68 and a 1-year high of $5.75.

Skye Bioscience (NASDAQ:SKYE) last released its earnings results on Monday, November 10th. The company reported ($0.32) EPS for the quarter, topping the consensus estimate of ($0.33) by $0.01. As a group, analysts expect that Skye Bioscience will post -1.04 earnings per share for the current fiscal year.

About Skye Bioscience

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.