Brokerages Set Skye Bioscience, Inc. (NASDAQ:SKYE) Price Target at $16.60

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.

Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) has earned an average rating of "Buy" from the six analysts that are covering the stock, Marketbeat reports. Six research analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $16.60.

Several research analysts recently commented on the stock. William Blair restated an "outperform" rating on shares of Skye Bioscience in a report on Tuesday, May 20th. JMP Securities restated a "market outperform" rating and set a $15.00 price objective on shares of Skye Bioscience in a research note on Tuesday, June 24th.

Skye Bioscience Stock Up 1.1%

NASDAQ SKYE traded up $0.04 during trading hours on Monday, hitting $3.65. 69,893 shares of the company were exchanged, compared to its average volume of 699,962. The firm has a market cap of $113.08 million, a price-to-earnings ratio of -4.45 and a beta of 1.95. The company has a 50 day moving average of $3.24 and a two-hundred day moving average of $2.32. 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 released its quarterly earnings results on Thursday, May 8th. The company reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.03. On average, equities research analysts predict that Skye Bioscience will post -1.04 EPS for the current year.

Institutional Trading of Skye Bioscience

Institutional investors have recently made changes to their positions in the business. Virtu Financial LLC bought a new position in shares of Skye Bioscience during the 4th quarter worth approximately $29,000. Wells Fargo & Company MN lifted its position in shares of Skye Bioscience by 49.0% during the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company's stock valued at $32,000 after acquiring an additional 3,684 shares during the period. Two Sigma Advisers LP acquired a new stake in shares of Skye Bioscience during the 4th quarter worth approximately $32,000. Squarepoint Ops LLC acquired a new stake in Skye Bioscience in the fourth quarter valued at about $38,000. Finally, Capital Advisors Wealth Management LLC bought a new stake in shares of Skye Bioscience during the first quarter worth $33,000. 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.