Analysts Issue Forecasts for Skye Bioscience FY2030 Earnings

Skye Bioscience, Inc. (NASDAQ:SKYE) – Equities researchers at HC Wainwright issued their FY2030 earnings per share (EPS) estimates for Skye Bioscience in a note issued to investors on Wednesday, March 11th. HC Wainwright analyst A. Ghosh anticipates that the company will earn ($0.60) per share for the year. The consensus estimate for Skye Bioscience’s current full-year earnings is ($1.04) per share.

Several other research analysts also recently weighed in on SKYE. Weiss Ratings restated 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 report on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.80.

Skye Bioscience Stock Down 2.0%

Shares of SKYE opened at $0.71 on Thursday. The business’s fifty day moving average is $0.86 and its 200 day moving average is $1.68. Skye Bioscience has a 12-month low of $0.61 and a 12-month high of $5.75. The stock has a market cap of $22.67 million, a P/E ratio of -0.51 and a beta of 2.86.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings data on Tuesday, March 10th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.07).

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SKYE. Vanguard Group Inc. raised its position in Skye Bioscience by 5.3% in the 3rd quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock valued at $3,469,000 after buying an additional 44,824 shares during the last quarter. Marshall Wace LLP purchased a new position in Skye Bioscience during the 2nd quarter worth $436,000. Two Sigma Investments LP boosted its holdings in Skye Bioscience by 46.2% during the 3rd quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock worth $363,000 after acquiring an additional 29,163 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Skye Bioscience in the 4th quarter worth $40,000. Finally, Qube Research & Technologies Ltd bought a new stake in shares of Skye Bioscience in the 2nd quarter worth $218,000. Hedge funds and other institutional investors 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.