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

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) have been assigned an average rating of "Buy" from the six brokerages that are currently covering the company, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy rating. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $16.60.

Several research analysts have issued reports on the company. Craig Hallum reduced their price objective on Skye Bioscience from $18.00 to $14.00 and set a "buy" rating on the stock in a report on Friday, March 21st. William Blair reaffirmed an "outperform" rating on shares of Skye Bioscience in a report on Tuesday, May 20th.

Skye Bioscience Trading Up 13.0%

SKYE stock opened at $2.43 on Friday. Skye Bioscience has a 1-year low of $1.14 and a 1-year high of $11.16. The firm has a market cap of $75.27 million, a P/E ratio of -2.96 and a beta of 1.69. The business's 50 day moving average is $2.04 and its 200-day moving average is $1.96.

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, topping the consensus estimate of ($0.31) by $0.03. Sell-side analysts forecast that Skye Bioscience will post -1.04 EPS for the current year.

Institutional Trading of Skye Bioscience

A number of large investors have recently made changes to their positions in SKYE. Virtu Financial LLC bought a new position in Skye Bioscience during the 4th quarter worth about $29,000. Wells Fargo & Company MN increased its holdings in Skye Bioscience by 49.0% during the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company's stock worth $32,000 after purchasing an additional 3,684 shares in the last quarter. Two Sigma Advisers LP bought a new position in Skye Bioscience during the 4th quarter worth about $32,000. Capital Advisors Wealth Management LLC bought a new position in Skye Bioscience during the 1st quarter worth about $33,000. Finally, Nuveen LLC bought a new position in Skye Bioscience during the 1st quarter worth about $37,000. 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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