Skye Bioscience, Inc. (NASDAQ:SKYE) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have been given a consensus recommendation of “Moderate Buy” by the eight ratings firms that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $9.80.

Several research firms have issued reports on SKYE. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Skye Bioscience in a report on Monday, December 29th. Citigroup reissued a “market outperform” rating on shares of Skye Bioscience in a research note on Monday, January 5th.

Skye Bioscience Stock Performance

Skye Bioscience stock opened at $0.72 on Friday. Skye Bioscience has a 52 week low of $0.68 and a 52 week high of $5.75. The firm has a market cap of $23.12 million, a P/E ratio of -0.56 and a beta of 2.87. The business’s fifty day moving average is $0.95 and its two-hundred day moving average is $2.07.

Skye Bioscience (NASDAQ:SKYE) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.32) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.01. On average, equities research analysts predict that Skye Bioscience will post -1.04 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC raised its holdings in Skye Bioscience by 121.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after buying an additional 5,989 shares during the period. Capital Advisors Inc. OK bought a new stake in shares of Skye Bioscience during the third quarter worth $39,000. Millington Financial Advisors LLC acquired a new stake in shares of Skye Bioscience during the second quarter worth $44,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Skye Bioscience during the second quarter worth $42,000. Finally, Dimensional Fund Advisors LP bought a new stake in Skye Bioscience in the 3rd quarter valued at $53,000. 21.09% of the stock is currently owned by institutional investors.

About Skye Bioscience

Skye Bioscience, Inc is a clinical-stage biotechnology company focused on the development of novel, selective cannabinoid type 1 (CB1) receptor modulators for the treatment of ocular diseases. Headquartered in Sunnyvale, California, Skye Bioscience leverages proprietary chemistry and formulation expertise to design and optimize compounds with high potency, tissue selectivity and favorable drug-like properties. The company’s lead product candidate is being evaluated for the treatment of glaucoma and other ophthalmic conditions characterized by elevated intraocular pressure.

Skye Bioscience’s pipeline centers on synthetic cannabinoids engineered to avoid central nervous system side effects commonly associated with traditional cannabinoid therapies.