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

Key Points

• Skye Bioscience, Inc. (NASDAQ:SKYE) has received an average analyst rating of "Moderate Buy" from seven brokerages, with a 1-year price target averaging $9.80.
• The company's recent stock performance indicates a 50-day moving average of $3.54 and a 52-week low of $1.14, reflecting significant volatility.
• In a notable insider transaction, Director Andrew J. Schwab sold 170,449 shares at an average price of $3.42, resulting in a 74.78% decrease in his holdings.

Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) has been assigned an average rating of "Moderate Buy" from the seven brokerages that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $9.80.

SKYE has been the subject of several research analyst reports. Craig Hallum lowered Skye Bioscience from a "buy" rating to a "hold" rating and set a $2.00 price objective for the company. in a research report on Monday, October 6th. Cantor Fitzgerald lowered Skye Bioscience from an "overweight" rating to a "neutral" rating and set a $2.00 price objective for the company. in a research report on Monday, October 6th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Skye Bioscience in a research report on Wednesday. Evercore ISI upgraded Skye Bioscience to a "strong-buy" rating in a research report on Friday, August 15th. Finally, HC Wainwright initiated coverage on Skye Bioscience in a research report on Tuesday, September 30th. They set a "buy" rating and a $20.00 price target for the company.

Skye Bioscience Stock Performance

Shares of SKYE opened at $1.73 on Friday. The stock has a 50 day simple moving average of $3.54 and a 200 day simple moving average of $3.02. Skye Bioscience has a 52-week low of $1.14 and a 52-week high of $5.96. The firm has a market capitalization of $53.61 million, a PE ratio of -1.63 and a beta of 2.34.

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). Equities research analysts predict that Skye Bioscience will post -1.04 EPS for the current fiscal year.

Insider Buying and Selling

In other Skye Bioscience news, Director Andrew J. Schwab sold 170,449 shares of the company'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 transaction of $582,935.58. Following the completion of the transaction, the director owned 57,493 shares of the company's stock, valued at $196,626.06. This represents a 74.78% decrease in their position. The transaction 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 company'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 transaction, the insider directly owned 57,493 shares of the company's stock, valued at approximately $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 valued at $1,601,097. Insiders own 4.50% of the company's stock.

Institutional Investors Weigh In On Skye Bioscience

Large investors have recently made changes to their positions in the stock. Bank of America Corp DE boosted its holdings in shares of Skye Bioscience by 37.4% in the 4th quarter. Bank of America Corp DE now owns 39,257 shares of the company's stock valued at $111,000 after buying an additional 10,696 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Skye Bioscience in the 1st quarter valued at approximately $37,000. Capital Advisors Wealth Management LLC acquired a new stake in shares of Skye Bioscience in the 1st quarter valued at approximately $33,000. Marshall Wace LLP acquired a new stake in shares of Skye Bioscience in the 2nd quarter valued at approximately $436,000. Finally, Qube Research & Technologies Ltd acquired a new stake in shares of Skye Bioscience in the 2nd quarter valued at approximately $218,000. Institutional investors and hedge funds 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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