Skye Bioscience, Inc. (NASDAQ:SKYE) Given Consensus Rating of “Buy” by Brokerages

Skye Bioscience, Inc. (NASDAQ:SKYE) has been assigned an average recommendation of “Buy” from the six analysts that are currently covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a buy recommendation. The average twelve-month target price among analysts that have covered the stock in the last year is $16.60.

Several equities research analysts have commented on the stock. William Blair reaffirmed an “outperform” rating on shares of Skye Bioscience in a research note on Tuesday, May 20th. JMP Securities reissued a “market outperform” rating and issued a $15.00 price target on shares of Skye Bioscience in a report on Tuesday, June 24th. Finally, Craig Hallum dropped their price objective on Skye Bioscience from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, March 21st.

Skye Bioscience Trading Up 11.5%

NASDAQ SKYE opened at $4.17 on Thursday. Skye Bioscience has a 12 month low of $1.14 and a 12 month high of $7.60. The stock has a 50-day simple moving average of $2.51 and a 200 day simple moving average of $2.02. The company has a market capitalization of $129.19 million, a PE ratio of -5.09 and a beta of 1.95.

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Virtu Financial LLC bought a new position in shares of Skye Bioscience during the fourth quarter worth about $29,000. Wells Fargo & Company MN boosted its position in Skye Bioscience by 49.0% during the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock worth $32,000 after acquiring an additional 3,684 shares during the last quarter. Two Sigma Advisers LP bought a new position in shares of Skye Bioscience during the 4th quarter worth approximately $32,000. Capital Advisors Wealth Management LLC acquired a new stake in shares of Skye Bioscience in the first quarter valued at approximately $33,000. Finally, Nuveen LLC acquired a new stake in shares of Skye Bioscience in the first quarter valued at approximately $37,000. Institutional investors 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.