Skye Bioscience, Inc. (NASDAQ:SKYE) Receives $9.80 Average Price Target from Brokerages

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

Several research analysts have recently commented on SKYE shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Skye Bioscience in a report on Monday, December 29th. 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 target on the stock. Citigroup reissued a “market outperform” rating on shares of Skye Bioscience in a research note on Monday, January 5th. Craig Hallum downgraded shares of Skye Bioscience from a “buy” rating to a “hold” rating and set a $2.00 target price on the stock. in a research note on Monday, October 6th. Finally, Cantor Fitzgerald cut shares of Skye Bioscience from an “overweight” rating to a “neutral” rating and set a $2.00 price target for the company. in a research report on Monday, October 6th.

Skye Bioscience Stock Performance

SKYE stock opened at $0.98 on Monday. The company has a market capitalization of $31.44 million, a PE ratio of -0.77 and a beta of 2.68. Skye Bioscience has a one year low of $0.68 and a one year high of $5.75. The company’s 50 day moving average price is $1.07 and its two-hundred day moving average price is $2.40.

Skye Bioscience (NASDAQ:SKYE) last released its earnings results on Monday, November 10th. The company reported ($0.32) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.01. On average, research analysts predict that Skye Bioscience will post -1.04 EPS for the current year.

Institutional Trading of Skye Bioscience

Several large investors have recently modified their holdings of SKYE. Tower Research Capital LLC TRC raised its position 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 purchasing an additional 5,989 shares during the last quarter. Capital Advisors Inc. OK purchased a new position in shares of Skye Bioscience during the third quarter valued at approximately $39,000. Millington Financial Advisors LLC bought a new position in shares of Skye Bioscience during the second quarter valued at approximately $44,000. Y Intercept Hong Kong Ltd bought a new position in shares of Skye Bioscience during the second quarter valued at approximately $42,000. Finally, Dimensional Fund Advisors LP purchased a new stake in Skye Bioscience in the third quarter worth $53,000. 21.09% of the stock is owned by institutional investors.

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.