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

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have received an average rating of “Moderate Buy” from the eight brokerages that are covering the firm, Marketbeat.com reports. One equities 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 1-year target price among brokerages that have covered the stock in the last year is $9.80.

SKYE has been the topic of several research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Skye Bioscience in a research note on Monday, December 29th. Citigroup reissued a “market outperform” rating on shares of Skye Bioscience in a report on Monday, January 5th.

Institutional Investors Weigh In On Skye Bioscience

Institutional investors have recently made changes to their positions in the stock. Capital Advisors Inc. OK acquired a new stake in Skye Bioscience during the third quarter worth approximately $39,000. XTX Topco Ltd acquired a new position in Skye Bioscience in the 4th quarter valued at $40,000. Tower Research Capital LLC TRC lifted its position in shares of Skye Bioscience by 121.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock valued at $46,000 after acquiring an additional 5,989 shares during the period. Dimensional Fund Advisors LP bought a new stake in shares of Skye Bioscience during the 3rd quarter valued at $53,000. Finally, Capital Advisors Wealth Management LLC grew its holdings in shares of Skye Bioscience by 143.1% during the 2nd quarter. Capital Advisors Wealth Management LLC now owns 50,800 shares of the company’s stock worth $212,000 after purchasing an additional 29,900 shares in the last quarter. 21.09% of the stock is currently owned by institutional investors.

Skye Bioscience Stock Performance

NASDAQ:SKYE opened at $0.70 on Friday. The stock has a 50 day simple moving average of $0.75 and a 200 day simple moving average of $1.34. The stock has a market cap of $23.30 million, a P/E ratio of -0.50 and a beta of 2.87. Skye Bioscience has a 1-year low of $0.57 and a 1-year high of $5.75.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings data on Tuesday, March 10th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.07). As a group, sell-side analysts forecast that Skye Bioscience will post -1.04 EPS for the current year.

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.