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

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 received an average recommendation of "Buy" from the seven analysts that are covering the firm, MarketBeat Ratings reports. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $15.50.

SKYE has been the subject of several analyst reports. Evercore ISI raised Skye Bioscience to a "strong-buy" rating in a research note on Friday, August 15th. 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. Finally, William Blair reaffirmed an "outperform" rating on shares of Skye Bioscience in a research note on Tuesday, May 20th.

Insider Activity at Skye Bioscience

In other news, Director Andrew J. Schwab sold 170,449 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $3.42, for a total value of $582,935.58. Following the completion of the sale, the director directly owned 57,493 shares of the company's stock, valued at $196,626.06. This trade represents a 74.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder 5Am Partners Vii, Llc sold 170,449 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $3.42, for a total value of $582,935.58. Following the completion of the sale, the insider directly owned 57,493 shares of the company's stock, valued at $196,626.06. The trade was a 74.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 462,810 shares of company stock valued at $1,601,097 over the last ninety days. Corporate insiders own 4.50% of the company's stock.

Institutional Investors Weigh In On Skye Bioscience

Several hedge funds and other institutional investors have recently modified their holdings of SKYE. Wells Fargo & Company MN raised its holdings in shares of Skye Bioscience by 49.0% in the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company's stock worth $32,000 after buying an additional 3,684 shares during the period. Two Sigma Advisers LP purchased a new stake in shares of Skye Bioscience in the fourth quarter worth approximately $32,000. Capital Advisors Wealth Management LLC purchased a new stake in shares of Skye Bioscience in the first quarter worth approximately $33,000. Nuveen LLC purchased a new stake in shares of Skye Bioscience in the first quarter worth approximately $37,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Skye Bioscience in the fourth quarter worth approximately $38,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

Skye Bioscience Stock Performance

Shares of SKYE traded down $0.12 during mid-day trading on Friday, hitting $3.46. 91,663 shares of the stock were exchanged, compared to its average volume of 296,275. The company has a market cap of $107.23 million, a PE ratio of -3.26 and a beta of 2.21. Skye Bioscience has a 52-week low of $1.14 and a 52-week high of $7.11. The firm has a 50-day moving average of $3.75 and a two-hundred day moving average of $2.64.

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 the consensus estimate of ($0.34) by ($0.10). On average, sell-side analysts predict that Skye Bioscience will post -1.04 EPS for the current year.

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.