Skye Bioscience (NASDAQ:SKYE) Stock Price Down 1.8%

Skye Bioscience, Inc. (NASDAQ:SKYE)’s stock price was down 1.8% on Wednesday . The company traded as low as $12.32 and last traded at $12.50. Approximately 29,170 shares changed hands during trading, a decline of 54% from the average daily volume of 64,026 shares. The stock had previously closed at $12.73.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on SKYE shares. Oppenheimer assumed coverage on shares of Skye Bioscience in a research report on Friday, April 12th. They issued an “outperform” rating and a $25.00 price target on the stock. Piper Sandler reissued an “overweight” rating and issued a $20.00 target price (up previously from $12.00) on shares of Skye Bioscience in a report on Thursday, March 14th.

Skye Bioscience Trading Down 1.8 %

The firm has a market cap of $154.38 million, a price-to-earnings ratio of -1.17 and a beta of 1.74. The stock has a 50-day moving average of $13.52 and a 200-day moving average of $8.51.

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.