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

Skye Bioscience, Inc. (NASDAQ:SKYE) has been assigned an average recommendation of “Moderate Buy” from the seven research firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $9.80.

A number of research firms have recently weighed in on SKYE. Craig Hallum downgraded shares of Skye Bioscience from a “buy” rating to a “hold” rating and set a $2.00 target price on the stock. in a research report on Monday, October 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Skye Bioscience in a report on Monday, December 22nd. HC Wainwright began coverage on shares of Skye Bioscience in a research note on Tuesday, September 30th. They set a “buy” rating and a $20.00 target price for the company. Finally, Cantor Fitzgerald cut Skye Bioscience from an “overweight” rating to a “neutral” rating and set a $2.00 price target on the stock. in a research report on Monday, October 6th.

Institutional Investors Weigh In On Skye Bioscience

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Skye Bioscience by 5.3% during the third quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock valued at $3,469,000 after acquiring an additional 44,824 shares in the last quarter. Marshall Wace LLP purchased a new stake in Skye Bioscience during the 2nd quarter valued at about $436,000. Two Sigma Investments LP increased its stake in Skye Bioscience by 46.2% during the 3rd quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock valued at $363,000 after purchasing an additional 29,163 shares in the last quarter. Qube Research & Technologies Ltd purchased a new position in Skye Bioscience in the second quarter worth about $218,000. Finally, Capital Advisors Wealth Management LLC raised its holdings 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 worth $212,000 after buying an additional 29,900 shares during the last quarter. 21.09% of the stock is owned by institutional investors.

Skye Bioscience Stock Performance

Shares of NASDAQ:SKYE opened at $0.78 on Thursday. The firm has a market capitalization of $25.01 million, a P/E ratio of -0.61 and a beta of 2.68. The stock has a 50 day moving average price of $1.26 and a 200-day moving average price of $2.70. Skye Bioscience has a 52-week low of $0.76 and a 52-week high of $5.75.

Skye Bioscience (NASDAQ:SKYE) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.32) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.01. On average, equities analysts forecast that Skye Bioscience will post -1.04 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.