Skye Bioscience (NASDAQ:SKYE) Trading 2.8% Higher – What’s Next?

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) traded up 2.8% during mid-day trading on Monday . The company traded as high as $0.5918 and last traded at $0.5842. 102,145 shares traded hands during trading, a decline of 16% from the average session volume of 122,073 shares. The stock had previously closed at $0.5685.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Skye Bioscience in a research note on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Skye Bioscience presently has an average rating of “Moderate Buy” and a consensus target price of $8.50.

Skye Bioscience Stock Down 2.3%

The company has a market cap of $19.74 million, a P/E ratio of -0.39 and a beta of 2.97. The business has a 50-day moving average price of $0.69 and a two-hundred day moving average price of $0.76.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.03). As a group, sell-side analysts expect that Skye Bioscience, Inc. will post -1.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Skye Bioscience

Several institutional investors have recently modified their holdings of the business. XTX Topco Ltd acquired a new stake in shares of Skye Bioscience during the 4th quarter worth approximately $40,000. Two Sigma Investments LP lifted its holdings in Skye Bioscience by 46.2% in 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 acquired a new position in Skye Bioscience in the third quarter valued at approximately $53,000. Vanguard Group Inc. boosted its stake in Skye Bioscience by 5.3% in 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 during the last quarter. Finally, Tower Research Capital LLC TRC boosted 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 valued at $46,000 after acquiring an additional 5,989 shares during the last quarter. Institutional investors and hedge funds 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.