Brokerages Set Skye Bioscience, Inc. (NASDAQ:SKYE) PT at $16.60

Skye Bioscience, Inc. (NASDAQ:SKYE) has received an average recommendation of “Buy” from the six research firms that are currently covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $16.60.

Several research analysts have weighed in on the stock. Craig Hallum lowered their price objective on shares of Skye Bioscience from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, March 21st. William Blair reissued an “outperform” rating on shares of Skye Bioscience in a research report on Friday, March 21st.

Institutional Investors Weigh In On Skye Bioscience

Several institutional investors have recently bought and sold shares of SKYE. Braidwell LP purchased a new position in Skye Bioscience during the 4th quarter worth $2,337,000. Schonfeld Strategic Advisors LLC boosted its holdings in Skye Bioscience by 48.3% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 1,422,741 shares of the company’s stock worth $4,026,000 after purchasing an additional 463,644 shares during the last quarter. Deutsche Bank AG grew its position in Skye Bioscience by 365.0% in the 4th quarter. Deutsche Bank AG now owns 40,835 shares of the company’s stock worth $116,000 after purchasing an additional 32,054 shares in the last quarter. Jane Street Group LLC grew its position in Skye Bioscience by 195.5% in the 4th quarter. Jane Street Group LLC now owns 36,057 shares of the company’s stock worth $102,000 after purchasing an additional 23,857 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Skye Bioscience in the 1st quarter valued at about $37,000. Institutional investors own 21.09% of the company’s stock.

Skye Bioscience Stock Performance

Shares of NASDAQ:SKYE opened at $1.87 on Wednesday. Skye Bioscience has a 52-week low of $1.14 and a 52-week high of $12.77. The business’s 50 day simple moving average is $1.81 and its two-hundred day simple moving average is $2.14. The firm has a market cap of $57.92 million, a P/E ratio of -2.28 and a beta of 1.74.

Skye Bioscience (NASDAQ:SKYE) last issued its earnings results on Thursday, May 8th. The company reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.03. On average, equities analysts forecast that Skye Bioscience will post -1.04 earnings per share for the current fiscal year.

About Skye Bioscience

Skye Bioscience, Inc, a clinical stage pharmaceutical company, discovers, develops, and commercializes cannabinoid-based molecules for the treatment of infectious diseases. The company's lead product candidate is SBI-100 used in the treatment of glaucoma and ocular hypertension. It is also developing SBI-200 to treat and manage various eye diseases, including uveitis, dry eye syndrome, macular degeneration and diabetic retinopathy.