Skye Bioscience, Inc. (NASDAQ:SKYE) Receives $16.60 Consensus Target Price from Brokerages

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) have been given an average rating of "Buy" by the six brokerages that are covering the stock, MarketBeat reports. Six research analysts have rated the stock with a buy recommendation. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $16.60.

SKYE has been the subject of a number of research analyst reports. Craig Hallum lowered their price target on Skye Bioscience from $18.00 to $14.00 and set a "buy" rating for the company in a report on Friday, March 21st. William Blair reissued an "outperform" rating on shares of Skye Bioscience in a report on Tuesday, May 20th.

Hedge Funds Weigh In On Skye Bioscience

A number of institutional investors and hedge funds have recently bought and sold shares of SKYE. Charles Schwab Investment Management Inc. increased its holdings in Skye Bioscience by 20.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company's stock worth $176,000 after purchasing an additional 10,707 shares in the last quarter. Virtu Financial LLC acquired a new position in Skye Bioscience in the 4th quarter worth about $29,000. Geode Capital Management LLC increased its holdings in Skye Bioscience by 5.2% in the 4th quarter. Geode Capital Management LLC now owns 405,694 shares of the company's stock worth $1,148,000 after purchasing an additional 19,901 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Skye Bioscience by 49.0% in the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company's stock worth $32,000 after purchasing an additional 3,684 shares in the last quarter. Finally, Barclays PLC increased its holdings in Skye Bioscience by 20.3% in the 4th quarter. Barclays PLC now owns 69,620 shares of the company's stock worth $198,000 after purchasing an additional 11,731 shares in the last quarter. Institutional investors and hedge funds own 21.09% of the company's stock.

Skye Bioscience Trading Down 8.4%

NASDAQ SKYE traded down $0.20 during midday trading on Friday, hitting $2.17. The company had a trading volume of 282,100 shares, compared to its average volume of 368,963. The company has a market capitalization of $67.22 million, a PE ratio of -2.65 and a beta of 1.69. The firm has a 50-day moving average price of $2.08 and a 200-day moving average price of $1.96. Skye Bioscience has a twelve month low of $1.14 and a twelve month high of $11.16.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.03. On average, equities analysts anticipate that Skye Bioscience will post -1.04 EPS for the current year.

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.