Skye Bioscience, Inc. (NASDAQ:SKYE) Receives Average Recommendation of “Buy” from Analysts

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have received a consensus recommendation of “Buy” from the six analysts that are currently covering the company, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy rating. The average 12-month price target among brokerages that have covered the stock in the last year is $18.67.

Several analysts recently commented on SKYE shares. Cantor Fitzgerald reissued an “overweight” rating and set a $14.00 target price on shares of Skye Bioscience in a research note on Friday, September 20th. JMP Securities assumed coverage on Skye Bioscience in a research report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price objective for the company. Piper Sandler restated an “overweight” rating and issued a $20.00 target price on shares of Skye Bioscience in a report on Friday, September 20th. Finally, Scotiabank initiated coverage on Skye Bioscience in a report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 target price for the company.

Skye Bioscience Price Performance

Shares of NASDAQ SKYE opened at $4.56 on Tuesday. Skye Bioscience has a twelve month low of $1.44 and a twelve month high of $19.41. The firm has a 50-day moving average of $5.07 and a two-hundred day moving average of $5.01.

Insider Buying and Selling at Skye Bioscience

In other Skye Bioscience news, Director Andrew J. Schwab sold 252,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total value of $1,666,500.00. Following the transaction, the director now owns 66,356 shares in the company, valued at approximately $437,949.60. This represents a 79.19 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On Skye Bioscience

Institutional investors and hedge funds have recently modified their holdings of the stock. Perceptive Advisors LLC acquired a new stake in Skye Bioscience during the second quarter valued at $4,005,000. Point72 Asset Management L.P. acquired a new stake in shares of Skye Bioscience during the 2nd quarter valued at about $4,486,000. CVI Holdings LLC bought a new stake in shares of Skye Bioscience in the 2nd quarter valued at approximately $5,445,000. Logos Global Management LP acquired a new position in Skye Bioscience in the second quarter worth approximately $10,425,000. Finally, Driehaus Capital Management LLC bought a new position in Skye Bioscience during the second quarter valued at approximately $5,213,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

About Skye Bioscience

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.