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

Key Points

• Analysts have given Skye Bioscience, Inc. (NASDAQ:SKYE) an average recommendation of "Buy," with six out of seven ratings firms providing a buy rating and one issuing a strong buy rating.
• Skye Bioscience's stock is currently priced at $3.55, and the company has a market capitalization of $110.01 million.
• In its most recent quarterly earnings report, Skye Bioscience missed analysts' consensus estimates by reporting earnings per share of ($0.44), against an expectation of ($0.34).

Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) has earned an average recommendation of "Buy" from the seven ratings firms that are presently covering the stock, Marketbeat.com reports. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $15.50.

SKYE has been the topic of several research analyst reports. JMP Securities reiterated a "market outperform" rating and set a $15.00 price target on shares of Skye Bioscience in a research report on Tuesday, June 24th. Evercore ISI raised Skye Bioscience to a "strong-buy" rating in a research report on Friday, August 15th. Finally, William Blair reissued an "outperform" rating on shares of Skye Bioscience in a research report on Tuesday, May 20th.

Skye Bioscience Stock Up 1.4%

Shares of SKYE stock opened at $3.55 on Friday. The firm has a market capitalization of $110.01 million, a price-to-earnings ratio of -3.35 and a beta of 2.21. The stock has a fifty day moving average of $3.66 and a 200 day moving average of $2.57. 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 issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.34) by ($0.10). Equities research analysts anticipate that Skye Bioscience will post -1.04 earnings per share for the current year.

Hedge Funds Weigh In On Skye Bioscience

Several institutional investors and hedge funds have recently added to or reduced their stakes in SKYE. Braidwell LP bought a new position in Skye Bioscience during the 4th quarter valued at approximately $2,337,000. Schonfeld Strategic Advisors LLC boosted its holdings in Skye Bioscience by 48.3% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 1,422,741 shares of the company's stock worth $4,026,000 after acquiring an additional 463,644 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Skye Bioscience in the second quarter worth $436,000. Qube Research & Technologies Ltd purchased a new stake in shares of Skye Bioscience in the second quarter worth $218,000. Finally, Deutsche Bank AG increased its holdings in shares of Skye Bioscience by 365.0% during the fourth quarter. Deutsche Bank AG now owns 40,835 shares of the company's stock valued at $116,000 after acquiring an additional 32,054 shares in the last quarter. Hedge funds and other institutional investors 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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