Skye Bioscience, Inc. (NASDAQ:SKYE) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have been assigned an average rating of “Moderate Buy” from the six analysts that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, two have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $8.50.

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

Skye Bioscience Stock Performance

Shares of Skye Bioscience stock opened at $0.65 on Monday. The business has a 50-day simple moving average of $0.74 and a 200-day simple moving average of $0.79. Skye Bioscience has a one year low of $0.57 and a one year high of $4.99. The company has a market cap of $22.82 million, a PE ratio of -0.45 and a beta of 2.94.

Skye Bioscience (NASDAQ:SKYE) last issued its earnings results on Monday, May 11th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.03). On average, sell-side analysts predict that Skye Bioscience will post -1.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Skye Bioscience

A number of institutional investors and hedge funds have recently modified their holdings of SKYE. Tower Research Capital LLC TRC raised its stake in Skye Bioscience by 121.3% in the second quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock valued at $46,000 after buying an additional 5,989 shares in the last quarter. Dimensional Fund Advisors LP acquired a new position in shares of Skye Bioscience during the 3rd quarter worth about $53,000. Qube Research & Technologies Ltd acquired a new position in shares of Skye Bioscience during the 2nd quarter worth about $218,000. XTX Topco Ltd purchased a new position in shares of Skye Bioscience in the 4th quarter valued at about $40,000. Finally, Two Sigma Investments LP increased its holdings in shares of Skye Bioscience by 46.2% in the 3rd quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock valued at $363,000 after acquiring an additional 29,163 shares during the last quarter. Institutional investors and hedge funds own 21.09% of the company’s stock.

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.