Skye Bioscience (NASDAQ:SKYE) Raised to “Strong-Buy” at Evercore ISI

Skye Bioscience (NASDAQ:SKYE) was upgraded by equities research analysts at Evercore ISI to a “strong-buy” rating in a report released on Friday,Zacks.com reports.

Other research analysts have also issued research reports about the stock. JMP Securities reissued a “market outperform” rating and set a $15.00 price objective on shares of Skye Bioscience in a research note on Tuesday, June 24th. William Blair reaffirmed an “outperform” rating on shares of Skye Bioscience in a research note on Tuesday, May 20th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $15.50.

Skye Bioscience Stock Up 7.3%

Skye Bioscience stock opened at $3.51 on Friday. The stock has a 50-day simple moving average of $3.55 and a 200 day simple moving average of $2.52. The stock has a market capitalization of $108.77 million, a price-to-earnings ratio of -3.31 and a beta of 2.21. Skye Bioscience has a 12-month low of $1.14 and a 12-month high of $7.47.

Skye Bioscience (NASDAQ:SKYE) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.10). As a group, sell-side analysts anticipate that Skye Bioscience will post -1.04 EPS for the current year.

Institutional Investors Weigh In On Skye Bioscience

Hedge funds have recently added to or reduced their stakes in the company. Wells Fargo & Company MN lifted its position in Skye Bioscience by 49.0% in the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock valued at $32,000 after acquiring an additional 3,684 shares in the last quarter. Two Sigma Advisers LP purchased a new stake in shares of Skye Bioscience in the fourth quarter worth approximately $32,000. Capital Advisors Wealth Management LLC bought a new position in shares of Skye Bioscience in the first quarter valued at approximately $33,000. Nuveen LLC purchased a new position in shares of Skye Bioscience during the first quarter valued at approximately $37,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Skye Bioscience during the fourth quarter valued at approximately $38,000. 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.