Skye Bioscience, Inc. (NASDAQ:SKYE) Receives $8.50 Average Price Target from Brokerages

Skye Bioscience, Inc. (NASDAQ:SKYE) has earned a consensus rating of “Moderate Buy” from the six research firms that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $8.00.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Skye Bioscience in a report on Friday, July 10th.

Skye Bioscience Stock Down 1.4%

Shares of SKYE opened at $0.54 on Friday. The stock has a market capitalization of $19.01 million, a P/E ratio of -0.38 and a beta of 2.97. The firm has a fifty day simple moving average of $0.66 and a two-hundred day simple moving average of $0.74. Skye Bioscience has a twelve month low of $0.28 and a twelve month high of $4.99.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.03). Sell-side analysts expect that Skye Bioscience will post -1.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Skye Bioscience

Several institutional investors and hedge funds have recently bought and sold shares of the business. XTX Topco Ltd bought a new stake in shares of Skye Bioscience in the 4th quarter worth approximately $40,000. Two Sigma Investments LP increased its stake in shares of Skye Bioscience by 46.2% during the third quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock valued at $363,000 after buying an additional 29,163 shares during the period. Dimensional Fund Advisors LP bought a new position in shares of Skye Bioscience during the third quarter valued at approximately $53,000. Vanguard Group Inc. raised its holdings in shares of Skye Bioscience by 5.3% during the third quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock valued at $3,469,000 after acquiring an additional 44,824 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in Skye Bioscience by 121.3% in the second quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after acquiring an additional 5,989 shares during the period. Hedge funds and other institutional investors own 21.09% of the company’s stock.

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.