Skye Bioscience, Inc. (NASDAQ:SKYE) Receives $9.80 Consensus PT from Brokerages

Skye Bioscience, Inc. (NASDAQ:SKYE) has earned a consensus recommendation of “Moderate Buy” from the seven brokerages that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $9.80.

A number of brokerages have commented on SKYE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Skye Bioscience in a report on Wednesday, October 8th. HC Wainwright assumed coverage on Skye Bioscience in a research note on Tuesday, September 30th. They issued a “buy” rating and a $20.00 price objective for the company. Craig Hallum cut Skye Bioscience from a “buy” rating to a “hold” rating and set a $2.00 target price on the stock. in a report on Monday, October 6th. Evercore ISI raised Skye Bioscience to a “strong-buy” rating in a report on Friday, August 15th. Finally, Cantor Fitzgerald downgraded Skye Bioscience from an “overweight” rating to a “neutral” rating and set a $2.00 price objective on the stock. in a research note on Monday, October 6th.

Insider Buying and Selling

In related news, major shareholder 5Am Partners Vii, Llc sold 170,449 shares of Skye Bioscience stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $3.42, for a total transaction of $582,935.58. Following the sale, the insider owned 57,493 shares of the company’s stock, valued at approximately $196,626.06. This trade represents a 74.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrew J. Schwab sold 170,449 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $3.42, for a total value of $582,935.58. Following the completion of the transaction, the director directly owned 57,493 shares in the company, valued at approximately $196,626.06. This represents a 74.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 462,810 shares of company stock worth $1,601,097. 4.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Skye Bioscience

Hedge funds have recently modified their holdings of the stock. Nuveen LLC purchased a new position in Skye Bioscience during the first quarter valued at $37,000. Capital Advisors Inc. OK bought a new stake in shares of Skye Bioscience in the third quarter worth about $39,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Skye Bioscience in the second quarter worth about $42,000. Millington Financial Advisors LLC bought a new position in Skye Bioscience during the second quarter valued at approximately $44,000. Finally, Tower Research Capital LLC TRC grew its holdings in 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 buying an additional 5,989 shares in the last quarter. Hedge funds and other institutional investors own 21.09% of the company’s stock.

Skye Bioscience Trading Up 0.7%

Skye Bioscience stock opened at $1.53 on Wednesday. Skye Bioscience has a 12 month low of $1.14 and a 12 month high of $5.96. The stock has a fifty day simple moving average of $2.75 and a two-hundred day simple moving average of $2.95. The firm has a market cap of $47.41 million, a price-to-earnings ratio of -1.44 and a beta of 2.28.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.10). On average, equities research analysts forecast that Skye Bioscience will post -1.04 EPS 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.