Skye Bioscience (NASDAQ:SKYE) Price Target Lowered to $14.00 at Craig Hallum

Skye Bioscience (NASDAQ:SKYE) had its price objective lowered by Craig Hallum from $18.00 to $14.00 in a report released on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

Separately, William Blair reissued an “outperform” rating on shares of Skye Bioscience in a research report on Friday. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $18.00.

Skye Bioscience Stock Performance

NASDAQ SKYE traded up $0.27 on Friday, reaching $2.16. The company had a trading volume of 468,507 shares, compared to its average volume of 211,183. Skye Bioscience has a fifty-two week low of $1.83 and a fifty-two week high of $17.65. The business has a 50 day moving average of $2.69 and a two-hundred day moving average of $2.84.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings data on Thursday, March 20th. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.06. During the same period last year, the company earned ($0.36) earnings per share. Sell-side analysts expect that Skye Bioscience will post -1.04 EPS for the current year.

Institutional Investors Weigh In On Skye Bioscience

Large investors have recently modified their holdings of the stock. Virtu Financial LLC purchased a new stake in shares of Skye Bioscience during the 4th quarter worth approximately $29,000. Wells Fargo & Company MN grew its stake in Skye Bioscience by 49.0% in the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock valued at $32,000 after buying an additional 3,684 shares in the last quarter. Two Sigma Advisers LP purchased a new position in Skye Bioscience in the 4th quarter valued at approximately $32,000. Squarepoint Ops LLC purchased a new position in Skye Bioscience in the 4th quarter valued at approximately $38,000. Finally, Jane Street Group LLC bought a new position in Skye Bioscience in the 3rd quarter valued at $48,000. Hedge funds and other institutional investors own 21.09% of the company’s stock.

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.