Skye Bioscience (NASDAQ:SKYE) Trading Down 50.8% – What’s Next?

Skye Bioscience, Inc. (NASDAQ:SKYE) fell 50.8% on Thursday . The company traded as low as $2.63 and last traded at $1.34. 61,166 shares were traded during mid-day trading, a decline of 73% from the average session volume of 225,817 shares. The stock had previously closed at $2.73.

Wall Street Analyst Weigh In

SKYE has been the topic of several research analyst reports. Craig Hallum decreased their price target on shares of Skye Bioscience from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. William Blair reaffirmed an “outperform” rating on shares of Skye Bioscience in a report on Friday, March 21st. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, Skye Bioscience currently has a consensus rating of “Buy” and an average target price of $18.00.

Skye Bioscience Stock Down 0.7 %

The firm has a market capitalization of $41.51 million, a price-to-earnings ratio of -1.86 and a beta of 1.88. The company’s fifty day moving average is $1.89 and its two-hundred day moving average is $2.54.

Skye Bioscience (NASDAQ:SKYE) last issued its earnings results on Thursday, March 20th. The company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.06. During the same quarter in the prior year, the firm posted ($0.36) EPS. On average, equities research analysts expect that Skye Bioscience, Inc. will post -1.04 EPS for the current year.

Hedge Funds Weigh In On Skye Bioscience

Several hedge funds have recently added to or reduced their stakes in the stock. Baker BROS. Advisors LP grew its position in shares of Skye Bioscience by 1.1% during the 4th quarter. Baker BROS. Advisors LP now owns 1,450,638 shares of the company’s stock worth $4,105,000 after buying an additional 16,004 shares during the period. Schonfeld Strategic Advisors LLC boosted its stake in Skye Bioscience by 48.3% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 1,422,741 shares of the company’s stock worth $4,026,000 after acquiring an additional 463,644 shares during the last quarter. Braidwell LP acquired a new position in Skye Bioscience during the fourth quarter valued at approximately $2,337,000. Geode Capital Management LLC increased its stake in Skye Bioscience by 5.2% in the fourth quarter. Geode Capital Management LLC now owns 405,694 shares of the company’s stock valued at $1,148,000 after purchasing an additional 19,901 shares in the last quarter. Finally, State Street Corp increased its stake in Skye Bioscience by 7.0% in the third quarter. State Street Corp now owns 354,205 shares of the company’s stock valued at $1,385,000 after purchasing an additional 23,201 shares in the last quarter. Institutional investors and hedge funds own 21.09% of the company’s stock.

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.