Skye Bioscience, Inc. (NASDAQ:SKYE) Receives Average Rating of "Buy" from Brokerages

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) have been given an average recommendation of "Buy" by the six ratings firms that are currently covering the company, Marketbeat reports. Six analysts have rated the stock with a buy rating. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $16.60.

SKYE has been the topic of several research analyst reports. Craig Hallum cut their target price on Skye Bioscience from $18.00 to $14.00 and set a "buy" rating on the stock in a research report on Friday, March 21st. William Blair restated an "outperform" rating on shares of Skye Bioscience in a research report on Tuesday, May 20th.

Skye Bioscience Stock Down 8.4%

Shares of NASDAQ SKYE traded down $0.20 during trading on Friday, reaching $2.17. The company had a trading volume of 282,100 shares, compared to its average volume of 368,963. The company's fifty day moving average price is $2.08 and its 200-day moving average price is $1.96. Skye Bioscience has a 12 month low of $1.14 and a 12 month high of $11.16. The stock has a market cap of $67.22 million, a P/E ratio of -2.65 and a beta of 1.69.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.03. As a group, equities analysts predict that Skye Bioscience will post -1.04 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new position in Skye Bioscience in the fourth quarter worth approximately $29,000. Wells Fargo & Company MN boosted its holdings in 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 acquiring an additional 3,684 shares in the last quarter. Two Sigma Advisers LP bought a new position in Skye Bioscience in the fourth quarter worth approximately $32,000. Capital Advisors Wealth Management LLC bought a new position in Skye Bioscience in the first quarter worth approximately $33,000. Finally, Nuveen LLC bought a new position in Skye Bioscience in the first quarter worth approximately $37,000. Institutional investors own 21.09% of the company's stock.

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.