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

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have earned a consensus recommendation of “Moderate Buy” from the eight brokerages that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $9.80.

A number of equities research analysts recently commented on SKYE shares. Citigroup restated a “market outperform” rating on shares of Skye Bioscience in a research report on Monday, January 5th. Weiss Ratings reissued a “sell (e+)” rating on shares of Skye Bioscience in a research note on Monday, December 29th.

Institutional Investors Weigh In On Skye Bioscience

Hedge funds have recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd bought a new stake in Skye Bioscience during the 2nd quarter worth about $42,000. Millington Financial Advisors LLC bought a new position in shares of Skye Bioscience in the second quarter worth about $44,000. Marshall Wace LLP acquired a new position in shares of Skye Bioscience during the second quarter worth approximately $436,000. Capital Advisors Wealth Management LLC lifted its position in shares of Skye Bioscience by 143.1% during the second 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. Finally, Qube Research & Technologies Ltd bought a new stake in shares of Skye Bioscience during the second quarter valued at approximately $218,000. Institutional investors own 21.09% of the company’s stock.

Skye Bioscience Trading Up 0.5%

NASDAQ SKYE opened at $0.72 on Tuesday. Skye Bioscience has a 1-year low of $0.68 and a 1-year high of $5.75. The company has a 50 day moving average of $0.86 and a 200-day moving average of $1.71. The firm has a market cap of $23.21 million, a price-to-earnings ratio of -0.57 and a beta of 2.86.

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.