Skye Bioscience (NASDAQ:SKYE) Trading Up 9.3% – Should You Buy?

Skye Bioscience, Inc. (NASDAQ:SKYE) shares were up 9.3% during trading on Monday . The stock traded as high as $1.12 and last traded at $1.06. Approximately 644,416 shares changed hands during mid-day trading, an increase of 234% from the average daily volume of 192,990 shares. The stock had previously closed at $0.97.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on SKYE shares. Citigroup reiterated a “market outperform” rating on shares of Skye Bioscience in a research report on Monday, January 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Skye Bioscience in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Skye Bioscience presently has an average rating of “Moderate Buy” and an average target price of $9.80.

Skye Bioscience Trading Up 9.3%

The firm has a market capitalization of $37.23 million, a price-to-earnings ratio of -0.76 and a beta of 2.87. The business has a 50-day moving average price of $0.74 and a two-hundred day moving average price of $1.00.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings data on Tuesday, March 10th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.07). On average, equities research analysts predict that Skye Bioscience, Inc. will post -1.06 earnings per share for the current fiscal year.

Institutional Trading of Skye Bioscience

Large investors have recently modified their holdings of the company. Capital Advisors Inc. OK acquired a new stake in shares of Skye Bioscience in the 3rd quarter worth about $39,000. Tower Research Capital LLC TRC increased its holdings in shares of Skye Bioscience by 121.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after acquiring an additional 5,989 shares during the period. Dimensional Fund Advisors LP acquired a new stake in shares of Skye Bioscience in the 3rd quarter worth about $53,000. Qube Research & Technologies Ltd acquired a new stake in shares of Skye Bioscience in the 2nd quarter worth about $218,000. Finally, XTX Topco Ltd acquired a new stake in shares of Skye Bioscience in the 4th quarter worth about $40,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

Skye Bioscience Company Profile

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.