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

Skye Bioscience, Inc. (NASDAQ:SKYE) has been given an average recommendation of “Moderate Buy” by the seven research firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $9.80.

Hedge Funds Weigh In On Skye Bioscience

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Skye Bioscience by 5.3% during the third quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock worth $3,469,000 after buying an additional 44,824 shares during the last quarter. Marshall Wace LLP bought a new position in Skye Bioscience during the second quarter worth $436,000. Two Sigma Investments LP raised its stake in Skye Bioscience by 46.2% during the third quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock worth $363,000 after buying an additional 29,163 shares during the last quarter. XTX Topco Ltd bought a new position in Skye Bioscience during the fourth quarter worth $40,000. Finally, Qube Research & Technologies Ltd bought a new position in Skye Bioscience during the second quarter worth $218,000. Institutional investors own 21.09% of the company’s stock.

Skye Bioscience Stock Up 2.6%

Shares of NASDAQ SKYE opened at $0.85 on Friday. Skye Bioscience has a twelve month low of $0.57 and a twelve month high of $5.75. The firm has a fifty day simple moving average of $0.77 and a 200 day simple moving average of $0.90. The company has a market capitalization of $29.87 million, a PE ratio of -0.59 and a beta of 3.03.

Skye Bioscience (NASDAQ:SKYE) last announced its earnings results on Monday, May 11th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.03). As a group, equities analysts expect that Skye Bioscience will post -1.07 earnings per share for the current fiscal year.

About Skye Bioscience

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.