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

Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) has been assigned an average recommendation of "Buy" from the six analysts that are currently covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a buy recommendation. The average twelve-month target price among analysts that have covered the stock in the last year is $16.60.

Several equities research analysts have commented on the stock. William Blair reaffirmed an "outperform" rating on shares of Skye Bioscience in a research note on Tuesday, May 20th. JMP Securities reissued a "market outperform" rating and issued a $15.00 price target on shares of Skye Bioscience in a report on Tuesday, June 24th. Finally, Craig Hallum dropped their price objective on Skye Bioscience from $18.00 to $14.00 and set a "buy" rating on the stock in a research note on Friday, March 21st.

Skye Bioscience Trading Up 11.5%

NASDAQ SKYE opened at $4.17 on Thursday. Skye Bioscience has a 12 month low of $1.14 and a 12 month high of $7.60. The stock has a 50-day simple moving average of $2.51 and a 200 day simple moving average of $2.02. The company has a market capitalization of $129.19 million, a PE ratio of -5.09 and a beta of 1.95.

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Virtu Financial LLC bought a new position in shares of Skye Bioscience during the fourth quarter worth about $29,000. Wells Fargo & Company MN boosted its position in Skye Bioscience by 49.0% during the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company's stock worth $32,000 after acquiring an additional 3,684 shares during the last quarter. Two Sigma Advisers LP bought a new position in shares of Skye Bioscience during the 4th quarter worth approximately $32,000. Capital Advisors Wealth Management LLC acquired a new stake in shares of Skye Bioscience in the first quarter valued at approximately $33,000. Finally, Nuveen LLC acquired a new stake in shares of Skye Bioscience in the first 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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