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

Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) has received an average 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 rating. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $16.60.

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Baker BROS. Advisors LP lifted its position 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 valued at $4,105,000 after acquiring an additional 16,004 shares during the period. Schonfeld Strategic Advisors LLC lifted its position in shares of Skye Bioscience by 48.3% during the 4th 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 period. Braidwell LP acquired a new position in shares of Skye Bioscience during the 4th quarter valued at $2,337,000. Geode Capital Management LLC lifted its position in shares of Skye Bioscience by 5.2% during the 4th quarter. Geode Capital Management LLC now owns 405,694 shares of the company's stock valued at $1,148,000 after acquiring an additional 19,901 shares during the period. Finally, Bridgeway Capital Management LLC lifted its position in shares of Skye Bioscience by 26.3% during the 4th quarter. Bridgeway Capital Management LLC now owns 72,000 shares of the company's stock valued at $204,000 after acquiring an additional 15,000 shares during the period. Institutional investors and hedge funds own 21.09% of the company's stock.

Skye Bioscience Trading Up 9.7%

SKYE traded up $0.41 during trading on Thursday, reaching $4.58. 947,978 shares of the company's stock were exchanged, compared to its average volume of 498,649. Skye Bioscience has a one year low of $1.14 and a one year high of $7.47. The stock has a market capitalization of $141.73 million, a PE ratio of -5.58 and a beta of 1.95. The firm has a fifty day moving average price of $2.61 and a two-hundred day moving average price of $2.06.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.28) earnings per share for the quarter, topping analysts' consensus estimates of ($0.31) by $0.03. Sell-side analysts expect that Skye Bioscience will post -1.04 earnings per share 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.