Skye Bioscience, Inc. (NASDAQ:SKYE) Receives $8.50 Consensus PT from Analysts

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have been given a consensus recommendation of “Moderate Buy” by the six research firms that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $8.50.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Skye Bioscience in a report on Friday, July 10th.

Institutional Trading of Skye Bioscience

A number of hedge funds and other institutional investors have recently bought and sold shares of SKYE. Marshall Wace LLP acquired a new position in shares of Skye Bioscience during the 2nd quarter worth about $436,000. Qube Research & Technologies Ltd acquired a new stake in shares of Skye Bioscience during the 2nd quarter worth about $218,000. Tower Research Capital LLC TRC lifted its stake in Skye Bioscience by 121.3% during the second quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after purchasing an additional 5,989 shares during the last quarter. Vanguard Group Inc. lifted its stake in 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, Dimensional Fund Advisors LP acquired a new position in Skye Bioscience in the third quarter valued at approximately $53,000. 21.09% of the stock is currently owned by institutional investors and hedge funds.

Skye Bioscience Stock Performance

SKYE stock opened at $0.54 on Friday. The company’s 50 day moving average price is $0.67 and its 200 day moving average price is $0.74. The firm has a market capitalization of $19.01 million, a price-to-earnings ratio of -0.38 and a beta of 2.97. Skye Bioscience has a fifty-two week low of $0.28 and a fifty-two week high of $4.99.

Skye Bioscience (NASDAQ:SKYE) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.03). Equities analysts forecast that Skye Bioscience will post -1.06 EPS for the current fiscal year.

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.