Skye Bioscience, Inc. (NASDAQ:SKYE) Given Consensus Rating of “Moderate Buy” by Analysts

Skye Bioscience, Inc. (NASDAQ:SKYE) has earned an average recommendation of “Moderate Buy” from the seven ratings firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $9.80.

Skye Bioscience Stock Up 16.0%

SKYE opened at $0.83 on Friday. The business has a fifty day moving average of $0.76 and a 200 day moving average of $0.93. Skye Bioscience has a 52-week low of $0.57 and a 52-week high of $5.75. The stock has a market cap of $29.14 million, a P/E ratio of -0.58 and a beta of 3.03.

Skye Bioscience (NASDAQ:SKYE) last posted 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). Equities analysts anticipate that Skye Bioscience will post -1.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Skye Bioscience

A number of large investors have recently bought and sold shares of SKYE. Marshall Wace LLP bought a new stake in Skye Bioscience during the 2nd quarter valued at $436,000. XTX Topco Ltd bought a new stake in Skye Bioscience during the 4th quarter valued at $40,000. Qube Research & Technologies Ltd bought a new stake in Skye Bioscience during the 2nd quarter valued at $218,000. Vanguard Group Inc. raised its position in Skye Bioscience by 5.3% during the 3rd quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock valued at $3,469,000 after purchasing an additional 44,824 shares in the last quarter. Finally, Two Sigma Investments LP raised its position in Skye Bioscience by 46.2% during the 3rd quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock valued at $363,000 after purchasing an additional 29,163 shares in the last quarter. 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.