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

Key Points

• Skye Bioscience has received a consensus rating of "Buy" from seven research firms, with six analysts recommending a buy and one a strong buy. The average 1-year price target is set at $15.50.
• Recently, the stock was trading at $4.07, showing a 52-week low of $1.14 and a high of $6.13, alongside a market capitalization of $126.13 million.
• Insider activity has been notable, with Director Andrew J. Schwab and major shareholder 5Am Partners Vii, LLC selling 170,449 shares at an average price of $3.42, indicating a significant decrease in their positions.

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) have been given a consensus rating of "Buy" by the seven research firms that are presently covering the firm, Marketbeat reports. Six research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $15.50.

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

Skye Bioscience Stock Performance

Shares of Skye Bioscience stock opened at $4.07 on Tuesday. Skye Bioscience has a 52-week low of $1.14 and a 52-week high of $6.13. The stock has a market capitalization of $126.13 million, a price-to-earnings ratio of -3.84 and a beta of 2.34. The company has a fifty day moving average of $3.72 and a 200-day moving average of $2.82.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last announced 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). On average, equities research analysts forecast that Skye Bioscience will post -1.04 earnings per share for the current fiscal year.

Insider Transactions at Skye Bioscience

In other news, Director Andrew J. Schwab sold 170,449 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $3.42, for a total transaction of $582,935.58. Following the sale, the director 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder 5Am Partners Vii, Llc sold 170,449 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $3.42, for a total transaction of $582,935.58. Following the completion of the transaction, the insider owned 57,493 shares in the company, valued at $196,626.06. This trade represents a 74.78% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 462,810 shares of company stock worth $1,601,097. Insiders own 3.00% of the company's stock.

Hedge Funds Weigh In On Skye Bioscience

Several institutional investors have recently made changes to their positions in SKYE. Marshall Wace LLP bought a new position in shares of Skye Bioscience in the 2nd quarter worth approximately $436,000. Qube Research & Technologies Ltd bought a new stake in shares of Skye Bioscience during the second quarter valued at approximately $218,000. Deutsche Bank AG grew its holdings in shares of Skye Bioscience by 365.0% in the fourth quarter. Deutsche Bank AG now owns 40,835 shares of the company's stock valued at $116,000 after purchasing an additional 32,054 shares in the last quarter. Capital Advisors Wealth Management LLC grew its holdings in shares of Skye Bioscience by 143.1% in the second quarter. Capital Advisors Wealth Management LLC now owns 50,800 shares of the company's stock valued at $212,000 after purchasing an additional 29,900 shares in the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Skye Bioscience by 195.5% in the fourth quarter. Jane Street Group LLC now owns 36,057 shares of the company's stock valued at $102,000 after purchasing an additional 23,857 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.