Skye Bioscience’s (SKYE) Outperform Rating Reiterated at William Blair

William Blair restated their outperform rating on shares of Skye Bioscience (NASDAQ:SKYE) in a research report sent to investors on Tuesday morning,RTT News reports.

Separately, Craig Hallum lowered their price objective on Skye Bioscience from $18.00 to $14.00 and set a “buy” rating on the stock in a 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 price target of $16.60.

Skye Bioscience Trading Up 12.2%

Skye Bioscience stock opened at $2.21 on Tuesday. The company has a market capitalization of $68.45 million, a P/E ratio of -2.70 and a beta of 1.74. The firm’s fifty day simple moving average is $1.87 and its 200-day simple moving average is $2.11. Skye Bioscience has a 1-year low of $1.14 and a 1-year high of $12.60.

Skye Bioscience (NASDAQ:SKYE) last posted its earnings results on Thursday, May 8th. The company reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.03. On average, equities research analysts predict that Skye Bioscience will post -1.04 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Virtu Financial LLC bought a new stake in Skye Bioscience during the fourth quarter valued at about $29,000. Wells Fargo & Company MN increased its stake in shares of 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 acquired a new position in shares of Skye Bioscience during the 4th quarter worth about $32,000. Capital Advisors Wealth Management LLC acquired a new position in shares of Skye Bioscience during the 1st quarter worth about $33,000. Finally, Nuveen LLC bought a new stake in Skye Bioscience during the 1st quarter valued at approximately $37,000. Institutional investors 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.