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

Skye Bioscience, Inc. (NASDAQ:SKYE) has been given an average recommendation of “Moderate Buy” by the eight analysts that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation, four have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $9.80.

SKYE has been the subject of several research reports. Citigroup reaffirmed a “market outperform” rating on shares of Skye Bioscience in a research note on Monday, January 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Skye Bioscience in a report on Monday, December 29th.

Skye Bioscience Stock Down 0.8%

SKYE opened at $0.72 on Friday. The firm has a market cap of $25.29 million, a P/E ratio of -0.51 and a beta of 2.87. Skye Bioscience has a 52 week low of $0.57 and a 52 week high of $5.75. The business has a fifty day simple moving average of $0.72 and a 200-day simple moving average of $1.22.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings data on Tuesday, March 10th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.07). Sell-side analysts expect that Skye Bioscience will post -1.04 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC raised its stake in shares of 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 during the last quarter. Capital Advisors Inc. OK acquired a new position in Skye Bioscience in the third quarter valued at $39,000. Dimensional Fund Advisors LP acquired a new stake in shares of Skye Bioscience in the 3rd quarter valued at approximately $53,000. Two Sigma Investments LP raised its position in shares of 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 purchasing an additional 29,163 shares during the last quarter. Finally, Capital Advisors Wealth Management LLC grew its stake in Skye Bioscience by 143.1% in the 2nd quarter. Capital Advisors Wealth Management LLC now owns 50,800 shares of the company’s stock worth $212,000 after acquiring an additional 29,900 shares during the period. 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.