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

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) have earned an average rating of "Buy" from the six analysts that are covering the firm, Marketbeat Ratings reports. Six research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokerages that have covered the stock in the last year is $16.60.

A number of research analysts have recently commented on SKYE shares. Craig Hallum dropped their price objective on shares of Skye Bioscience from $18.00 to $14.00 and set a "buy" rating for the company in a research note on Friday, March 21st. William Blair reiterated an "outperform" rating on shares of Skye Bioscience in a research note on Tuesday, May 20th.

Skye Bioscience Trading Up 13.0%

Shares of SKYE opened at $2.43 on Friday. The company's 50 day simple moving average is $2.04 and its 200-day simple moving average is $1.96. Skye Bioscience has a 12-month low of $1.14 and a 12-month high of $11.16. The firm has a market cap of $75.27 million, a PE ratio of -2.96 and a beta of 1.69.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last issued its 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. As a group, equities research analysts forecast that Skye Bioscience will post -1.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Skye Bioscience

Hedge funds and other institutional investors have recently modified their holdings of the stock. Baker BROS. Advisors LP raised its stake in shares of Skye Bioscience by 1.1% during the 4th quarter. Baker BROS. Advisors LP now owns 1,450,638 shares of the company's stock worth $4,105,000 after purchasing an additional 16,004 shares in the last quarter. Schonfeld Strategic Advisors LLC increased its position in shares of Skye Bioscience by 48.3% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 1,422,741 shares of the company's stock valued at $4,026,000 after purchasing an additional 463,644 shares during the period. Braidwell LP bought a new stake in shares of Skye Bioscience during the fourth quarter valued at approximately $2,337,000. Geode Capital Management LLC increased its position in shares of Skye Bioscience by 5.2% during the fourth quarter. Geode Capital Management LLC now owns 405,694 shares of the company's stock valued at $1,148,000 after purchasing an additional 19,901 shares during the period. Finally, Bridgeway Capital Management LLC increased its position in shares of Skye Bioscience by 26.3% during the fourth quarter. Bridgeway Capital Management LLC now owns 72,000 shares of the company's stock valued at $204,000 after purchasing an additional 15,000 shares during the period. Institutional investors and hedge funds own 21.09% of the company's stock.

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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