Shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) have received a consensus rating of "Buy" from the six analysts that are covering the firm, Marketbeat reports. Six analysts have rated the stock with a buy rating. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $16.60.
Several research firms recently weighed in on SKYE. William Blair restated an "outperform" rating on shares of Skye Bioscience in a research report on Friday, March 21st. Craig Hallum lowered their target price on shares of Skye Bioscience from $18.00 to $14.00 and set a "buy" rating for the company in a report on Friday, March 21st.
Read Our Latest Analysis on SKYE
Institutional Trading of Skye Bioscience
Hedge funds have recently added to or reduced their stakes in the stock. Nuveen LLC acquired a new position in shares of Skye Bioscience during the first quarter worth $37,000. Capital Advisors Wealth Management LLC bought a new stake in Skye Bioscience in the first quarter valued at $33,000. Squarepoint Ops LLC bought a new stake in Skye Bioscience in the fourth quarter valued at $38,000. Two Sigma Advisers LP bought a new stake in Skye Bioscience in the fourth quarter valued at $32,000. Finally, Deutsche Bank AG increased its stake in 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. Institutional investors and hedge funds own 21.09% of the company's stock.
Skye Bioscience Stock Performance
Shares of NASDAQ:SKYE traded up $0.28 during midday trading on Wednesday, hitting $2.15. 215,989 shares of the stock were exchanged, compared to its average volume of 361,503. The company has a market capitalization of $66.60 million, a PE ratio of -2.62 and a beta of 1.74. Skye Bioscience has a 52-week low of $1.14 and a 52-week high of $12.77. The business's fifty day simple moving average is $1.81 and its two-hundred day simple moving average is $2.14.
Skye Bioscience (NASDAQ:SKYE - Get Free Report) last posted 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. As a group, equities analysts anticipate that Skye Bioscience will post -1.04 EPS for the current year.
About Skye Bioscience
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Get Free ReportSkye 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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