FY2026 EPS Forecast for Skye Bioscience Raised by Analyst

Key Points

• Analysts at Cantor Fitzgerald raised their FY2026 earnings per share forecast for Skye Bioscience to (–$1.43), an improvement from their previous estimate of (–$1.84).
• The company's stock currently holds a "Neutral" rating from Cantor Fitzgerald, with a price target set at $2.00, contrasting with a consensus estimate of (–$1.04) for FY2026 earnings.
• Institutional investors have shown increased interest, with notable stakes acquired in the second quarter, underscoring a shifting sentiment around the company's potential.

Skye Bioscience, Inc. (NASDAQ:SKYE - Free Report) - Equities researchers at Cantor Fitzgerald boosted their FY2026 earnings estimates for shares of Skye Bioscience in a note issued to investors on Tuesday, October 7th. Cantor Fitzgerald analyst K. Kluska now expects that the company will post earnings per share of ($1.43) for the year, up from their previous forecast of ($1.84). Cantor Fitzgerald has a "Neutral" rating and a $2.00 price target on the stock. The consensus estimate for Skye Bioscience's current full-year earnings is ($1.04) per share.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.10).

Other research analysts have also issued research reports about the stock. JMP Securities reissued a "market outperform" rating and set a $15.00 price objective on shares of Skye Bioscience in a research note on Tuesday, June 24th. Evercore ISI raised shares of Skye Bioscience to a "strong-buy" rating in a research note on Friday, August 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Skye Bioscience in a research note on Wednesday. HC Wainwright began coverage on shares of Skye Bioscience in a research note on Tuesday, September 30th. They issued a "buy" rating and a $20.00 price target on the stock. Finally, Craig Hallum lowered shares of Skye Bioscience from a "buy" rating to a "hold" rating and set a $2.00 price target on the stock. in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $9.80.

Skye Bioscience Price Performance

Skye Bioscience stock opened at $1.72 on Thursday. The company's 50 day simple moving average is $3.62 and its 200 day simple moving average is $3.03. Skye Bioscience has a fifty-two week low of $1.14 and a fifty-two week high of $5.96. The firm has a market capitalization of $53.30 million, a price-to-earnings ratio of -1.62 and a beta of 2.34.

Hedge Funds Weigh In On Skye Bioscience

A number of institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP acquired a new position in Skye Bioscience during the second quarter worth $436,000. Qube Research & Technologies Ltd bought a new position in Skye Bioscience during the second quarter worth $218,000. Capital Advisors Wealth Management LLC boosted its position in Skye Bioscience by 143.1% during the second quarter. Capital Advisors Wealth Management LLC now owns 50,800 shares of the company's stock worth $212,000 after purchasing an additional 29,900 shares during the period. Bank of America Corp DE boosted its position in Skye Bioscience by 37.4% during the fourth quarter. Bank of America Corp DE now owns 39,257 shares of the company's stock worth $111,000 after purchasing an additional 10,696 shares during the period. Finally, Nuveen LLC bought a new position in Skye Bioscience during the first quarter worth $37,000. 21.09% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, major shareholder 5Am Partners Vii, Llc sold 170,449 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $3.42, for a total transaction of $582,935.58. Following the transaction, the insider directly owned 57,493 shares in the company, valued at approximately $196,626.06. The trade was a 74.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Andrew J. Schwab sold 170,449 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $3.42, for a total transaction of $582,935.58. Following the transaction, the director owned 57,493 shares in the company, valued at approximately $196,626.06. The trade was a 74.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 462,810 shares of company stock worth $1,601,097. 4.50% of the stock is owned by corporate insiders.

About Skye Bioscience

Skye Bioscience, Inc, a clinical stage pharmaceutical company, discovers, develops, and commercializes cannabinoid-based molecules for the treatment of infectious diseases. The company's lead product candidate is SBI-100 used in the treatment of glaucoma and ocular hypertension. It is also developing SBI-200 to treat and manage various eye diseases, including uveitis, dry eye syndrome, macular degeneration and diabetic retinopathy.

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