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

Skye Bioscience, Inc. (NASDAQ:SKYE) has been assigned an average recommendation of “Moderate Buy” from the seven brokerages that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $9.80.

Several research firms have issued reports on SKYE. Cantor Fitzgerald lowered Skye Bioscience from an “overweight” rating to a “neutral” rating and set a $2.00 price objective for the company. in a research note on Monday, October 6th. HC Wainwright initiated coverage on shares of Skye Bioscience in a research report on Tuesday, September 30th. They set a “buy” rating and a $20.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Skye Bioscience in a research report on Wednesday, October 8th. Craig Hallum lowered shares of Skye Bioscience from a “buy” rating to a “hold” rating and set a $2.00 price objective for the company. in a report on Monday, October 6th. Finally, Evercore ISI raised shares of Skye Bioscience to a “strong-buy” rating in a report on Friday, August 15th.

Insiders Place Their Bets

In related news, Director Andrew J. Schwab sold 170,449 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $3.42, for a total transaction of $582,935.58. Following the completion of the sale, the director directly owned 57,493 shares of the company’s stock, valued at $196,626.06. This trade represents a 74.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder 5Am Partners Vii, Llc sold 170,449 shares of the firm’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $3.42, for a total value of $582,935.58. Following the sale, the insider directly owned 57,493 shares of the company’s stock, valued at $196,626.06. This represents a 74.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 462,810 shares of company stock valued at $1,601,097 over the last ninety days. Insiders own 3.00% of the company’s stock.

Institutional Trading of Skye Bioscience

Hedge funds and other institutional investors have recently modified their holdings of the stock. Nuveen LLC acquired a new stake in Skye Bioscience during the 1st quarter worth $37,000. Y Intercept Hong Kong Ltd acquired a new position in Skye Bioscience during the second quarter worth $42,000. Millington Financial Advisors LLC acquired a new position in shares of Skye Bioscience during the 2nd quarter worth about $44,000. Marshall Wace LLP acquired a new stake in shares of Skye Bioscience in the 2nd quarter valued at approximately $436,000. Finally, Capital Advisors Wealth Management LLC grew its position in shares of Skye Bioscience by 143.1% in the 2nd quarter. Capital Advisors Wealth Management LLC now owns 50,800 shares of the company’s stock valued at $212,000 after acquiring an additional 29,900 shares during the period. Institutional investors and hedge funds own 21.09% of the company’s stock.

Skye Bioscience Trading Down 5.3%

Shares of SKYE opened at $1.42 on Wednesday. Skye Bioscience has a 1 year low of $1.14 and a 1 year high of $5.96. The stock has a 50 day simple moving average of $2.87 and a 200-day simple moving average of $2.96. The stock has a market cap of $44.01 million, a PE ratio of -1.34 and a beta of 2.28.

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

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.