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

Skye Bioscience, Inc. (NASDAQ:SKYE) has earned a consensus recommendation of “Moderate Buy” from the eight analysts that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $9.80.

Several brokerages have recently weighed in on SKYE. Weiss Ratings restated a “sell (e+)” rating on shares of Skye Bioscience in a research note on Monday, December 29th. Citigroup restated a “market outperform” rating on shares of Skye Bioscience in a research note on Monday, January 5th.

Skye Bioscience Stock Performance

SKYE stock opened at $0.72 on Friday. The firm has a market cap of $23.08 million, a P/E ratio of -0.56 and a beta of 2.87. Skye Bioscience has a 1 year low of $0.68 and a 1 year high of $5.75. The stock has a 50-day simple moving average of $0.94 and a 200-day simple moving average of $2.02.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SKYE. Vanguard Group Inc. increased its position in shares of Skye Bioscience by 5.3% in the 3rd 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. Marshall Wace LLP bought a new stake in Skye Bioscience in the second quarter valued at about $436,000. Two Sigma Investments LP increased its holdings in Skye Bioscience by 46.2% in the third quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock valued at $363,000 after buying an additional 29,163 shares during the last quarter. Qube Research & Technologies Ltd acquired a new stake in Skye Bioscience during the second quarter valued at approximately $218,000. Finally, Capital Advisors Wealth Management LLC lifted its holdings in Skye Bioscience by 143.1% during the 2nd quarter. Capital Advisors Wealth Management LLC now owns 50,800 shares of the company’s stock worth $212,000 after buying an additional 29,900 shares during the last quarter. 21.09% of the stock is currently owned by 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.