Skye Bioscience, Inc. (NASDAQ:SKYE) Given Average Recommendation of "Buy" by Analysts

Key Points

• Analysts have assigned Skye Bioscience, Inc. (NASDAQ:SKYE) a consensus rating of "Buy", with an average 12-month price target of $16.60.
• Skye Bioscience reported a quarterly EPS of ($0.28), surpassing analysts' estimates and predicting a projected EPS of (-1.04) for the current fiscal year.
• Institutional investors currently hold 21.09% of Skye Bioscience's stock, with several firms significantly increasing their stakes in the recent quarter.

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) have been assigned a consensus rating of "Buy" from the six brokerages that are currently covering the stock, MarketBeat Ratings reports. Six analysts have rated the stock with a buy recommendation. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $16.60.

A number of research analysts have commented on the company. William Blair reaffirmed an "outperform" rating on shares of Skye Bioscience in a report on Tuesday, May 20th. JMP Securities restated a "market outperform" rating and issued a $15.00 price target on shares of Skye Bioscience in a research note on Tuesday, June 24th.

Skye Bioscience Stock Performance

NASDAQ SKYE opened at $3.91 on Monday. The stock has a market cap of $121.13 million, a PE ratio of -4.77 and a beta of 1.95. The firm has a 50-day moving average of $3.16 and a 200-day moving average of $2.28. Skye Bioscience has a 52-week low of $1.14 and a 52-week high of $7.47.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.31) by $0.03. As a group, analysts predict that Skye Bioscience will post -1.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Skye Bioscience

Institutional investors and hedge funds have recently bought and sold shares of the company. Braidwell LP bought a new position in shares of Skye Bioscience in the 4th quarter valued at $2,337,000. Schonfeld Strategic Advisors LLC grew its position in Skye Bioscience by 48.3% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 1,422,741 shares of the company's stock valued at $4,026,000 after acquiring an additional 463,644 shares during the last quarter. Deutsche Bank AG raised its stake in Skye Bioscience by 365.0% during the fourth quarter. Deutsche Bank AG now owns 40,835 shares of the company's stock worth $116,000 after acquiring an additional 32,054 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of Skye Bioscience by 195.5% in the fourth quarter. Jane Street Group LLC now owns 36,057 shares of the company's stock worth $102,000 after acquiring an additional 23,857 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Skye Bioscience in the 1st quarter valued at approximately $37,000. Institutional investors own 21.09% of the company's stock.

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.

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