HC Wainwright Initiates Coverage on Skye Bioscience (NASDAQ:SKYE)

Key Points

• HC Wainwright initiated coverage of Skye Bioscience (NASDAQ:SKYE) with a "buy" rating and a price target of $20.00, indicating a potential upside of 415.46% from its current price.
• Skye Bioscience currently has an average rating of "Buy" from analysts, with a consensus target price of $14.75.
• Insider trading activity saw significant sell-offs, with Director Andrew J. Schwab and a major shareholder each selling 170,449 shares at an average price of $3.42, reflecting a 74.78% decrease in their ownership.

Investment analysts at HC Wainwright started coverage on shares of Skye Bioscience (NASDAQ:SKYE - Get Free Report) in a report issued on Tuesday,Benzinga reports. The firm set a "buy" rating and a $20.00 price target on the stock. HC Wainwright's target price would indicate a potential upside of 415.46% from the stock's current price.

Several other equities research analysts have also commented on SKYE. Evercore ISI upgraded Skye Bioscience to a "strong-buy" rating in a research note on Friday, August 15th. JMP Securities restated a "market outperform" rating and issued a $15.00 price target on shares of Skye Bioscience in a research report on Tuesday, June 24th. One research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company's stock. According to MarketBeat, Skye Bioscience presently has an average rating of "Buy" and a consensus target price of $14.75.

Skye Bioscience Trading Down 5.6%

NASDAQ:SKYE opened at $3.88 on Tuesday. Skye Bioscience has a 12 month low of $1.14 and a 12 month high of $5.96. The stock has a 50 day moving average of $3.70 and a two-hundred day moving average of $2.94. The firm has a market cap of $120.23 million, a P/E ratio of -3.66 and a beta of 2.34.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.10). On average, research analysts forecast that Skye Bioscience will post -1.04 earnings per share for the current year.

Insider Activity at Skye Bioscience

In related news, Director Andrew J. Schwab sold 170,449 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $3.42, for a total value of $582,935.58. Following the completion of the transaction, the director directly owned 57,493 shares in the company, valued at approximately $196,626.06. This represents a 74.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder 5Am Partners Vii, Llc sold 170,449 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $3.42, for a total value of $582,935.58. Following the completion of the transaction, the insider owned 57,493 shares of the company's stock, valued at $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. Insiders sold 462,810 shares of company stock valued at $1,601,097 over the last quarter. 4.50% of the stock is currently owned by company insiders.

Institutional Trading of Skye Bioscience

Several hedge funds have recently modified their holdings of SKYE. Marshall Wace LLP acquired a new stake in Skye Bioscience in the second quarter valued at $436,000. Qube Research & Technologies Ltd acquired a new stake in Skye Bioscience in the second quarter valued at $218,000. Deutsche Bank AG raised its stake in Skye Bioscience by 365.0% in the fourth quarter. Deutsche Bank AG now owns 40,835 shares of the company's stock valued at $116,000 after buying an additional 32,054 shares in the last quarter. Capital Advisors Wealth Management LLC raised its stake in Skye Bioscience by 143.1% in the second quarter. Capital Advisors Wealth Management LLC now owns 50,800 shares of the company's stock valued at $212,000 after buying an additional 29,900 shares in the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Skye Bioscience by 195.5% during the fourth quarter. Jane Street Group LLC now owns 36,057 shares of the company's stock worth $102,000 after purchasing an additional 23,857 shares during the last quarter. 21.09% of the stock is currently owned by institutional investors and hedge funds.

Skye Bioscience Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.