HC Wainwright Predicts Skye Bioscience FY2030 Earnings

Skye Bioscience, Inc. (NASDAQ:SKYE) – Analysts at HC Wainwright issued their FY2030 earnings per share (EPS) estimates for shares of Skye Bioscience in a research note issued on Wednesday, March 11th. HC Wainwright analyst A. Ghosh expects that the company will post earnings of ($0.60) per share for the year. The consensus estimate for Skye Bioscience’s current full-year earnings is ($1.04) per share.

Skye Bioscience (NASDAQ:SKYE) last issued its earnings results on Tuesday, March 10th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.07).

Other research analysts have also recently issued research reports about the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Skye Bioscience in a report on Monday, December 29th. Citigroup reissued a “market outperform” rating on shares of Skye Bioscience in a research report on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Skye Bioscience has an average rating of “Moderate Buy” and an average target price of $9.80.

Skye Bioscience Trading Down 9.7%

SKYE stock opened at $0.72 on Thursday. The stock has a market cap of $23.12 million, a P/E ratio of -0.52 and a beta of 2.86. Skye Bioscience has a twelve month low of $0.61 and a twelve month high of $5.75. The company’s 50 day moving average is $0.86 and its two-hundred day moving average is $1.69.

Hedge Funds Weigh In On Skye Bioscience

A number of hedge funds have recently modified their holdings of SKYE. Millington Financial Advisors LLC purchased a new stake in Skye Bioscience in the 2nd quarter valued at $44,000. Marshall Wace LLP acquired a new position in Skye Bioscience in the second quarter valued at $436,000. Capital Advisors Wealth Management LLC increased its stake in Skye Bioscience by 143.1% in the second quarter. Capital Advisors Wealth Management LLC now owns 50,800 shares of the company’s stock valued at $212,000 after purchasing an additional 29,900 shares during the period. Qube Research & Technologies Ltd purchased a new stake in shares of Skye Bioscience in the second quarter valued at about $218,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of 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 buying an additional 5,989 shares during the period. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

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.