Skye Bioscience (NASDAQ:SKYE) Earns Outperform Rating from William Blair

Skye Bioscience (NASDAQ:SKYE)‘s stock had its “outperform” rating reiterated by equities researchers at William Blair in a research note issued to investors on Tuesday,RTT News reports.

Separately, Craig Hallum dropped their target price on Skye Bioscience from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, March 21st. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, Skye Bioscience presently has a consensus rating of “Buy” and a consensus target price of $16.60.

Skye Bioscience Stock Up 12.2%

NASDAQ SKYE opened at $2.21 on Tuesday. Skye Bioscience has a fifty-two week low of $1.14 and a fifty-two week high of $12.60. The business has a 50 day moving average price of $1.87 and a two-hundred day moving average price of $2.11. The stock has a market cap of $68.45 million, a PE ratio of -2.70 and a beta of 1.74.

Skye Bioscience (NASDAQ:SKYE) last announced its earnings results on Thursday, May 8th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.03. Sell-side analysts anticipate that Skye Bioscience will post -1.04 EPS for the current fiscal year.

Institutional Trading of Skye Bioscience

Several institutional investors and hedge funds have recently bought and sold shares of the company. Virtu Financial LLC bought a new stake in shares of Skye Bioscience in the 4th quarter valued at approximately $29,000. Wells Fargo & Company MN boosted its holdings in Skye Bioscience by 49.0% in the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock worth $32,000 after purchasing an additional 3,684 shares during the period. Two Sigma Advisers LP bought a new stake in Skye Bioscience during the fourth quarter valued at $32,000. Squarepoint Ops LLC bought a new stake in Skye Bioscience during the fourth quarter valued at $38,000. Finally, Capital Advisors Wealth Management LLC acquired a new stake in shares of Skye Bioscience during the first quarter worth $33,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

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.