Skye Bioscience, Inc. (NASDAQ:SKYE) Receives Average Recommendation of "Buy" from 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 earned an average recommendation of "Buy" from the five ratings firms that are covering the firm, Marketbeat.com reports. Four equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $14.75.

Several equities analysts have commented on SKYE shares. JMP Securities reaffirmed a "market outperform" rating and issued a $15.00 price target on shares of Skye Bioscience in a report on Tuesday, June 24th. Evercore ISI raised Skye Bioscience to a "strong-buy" rating in a report on Friday, August 15th.

Skye Bioscience Price Performance

SKYE traded up $0.06 during trading on Tuesday, reaching $4.00. 313,551 shares of the stock traded hands, compared to its average volume of 305,432. The stock has a market cap of $123.96 million, a price-to-earnings ratio of -3.77 and a beta of 2.34. Skye Bioscience has a fifty-two week low of $1.14 and a fifty-two week high of $5.96. The stock's 50-day simple moving average is $3.70 and its two-hundred day simple moving average is $2.87.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last released 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). Research analysts anticipate that Skye Bioscience will post -1.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, 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 value of $582,935.58. Following the completion of the transaction, the insider directly owned 57,493 shares of the company's stock, valued at approximately $196,626.06. This represents a 74.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Andrew J. Schwab 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 value of $582,935.58. Following the completion of the transaction, the director directly owned 57,493 shares of the company's stock, valued at approximately $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. Over the last three months, insiders sold 462,810 shares of company stock valued at $1,601,097. 4.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Skye Bioscience

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Marshall Wace LLP acquired a new stake in Skye Bioscience during the 2nd quarter valued at $436,000. Qube Research & Technologies Ltd bought a new stake in shares of Skye Bioscience during the second quarter worth $218,000. Capital Advisors Wealth Management LLC raised its position in shares of Skye Bioscience by 143.1% during the second quarter. Capital Advisors Wealth Management LLC now owns 50,800 shares of the company's stock worth $212,000 after acquiring an additional 29,900 shares during the last quarter. Deutsche Bank AG raised its position 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 worth $116,000 after acquiring an additional 32,054 shares during the last quarter. Finally, Bank of America Corp DE raised its position in shares of Skye Bioscience by 37.4% during the fourth quarter. Bank of America Corp DE now owns 39,257 shares of the company's stock worth $111,000 after acquiring an additional 10,696 shares during the last quarter. 21.09% of the stock is owned by institutional investors and hedge funds.

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.