Skye Bioscience (NASDAQ:SKYE) Issues Quarterly Earnings Results

Skye Bioscience (NASDAQ:SKYE - Get Free Report) released its quarterly earnings data on Thursday. The company reported ($0.28) EPS for the quarter, topping analysts' consensus estimates of ($0.31) by $0.03, Zacks reports.

Skye Bioscience Trading Up 1.1 %

Skye Bioscience stock traded up $0.02 during trading hours on Friday, reaching $1.81. 287,500 shares of the stock were exchanged, compared to its average volume of 358,521. The stock has a 50 day moving average of $1.69 and a two-hundred day moving average of $2.23. Skye Bioscience has a twelve month low of $1.14 and a twelve month high of $13.44. The company has a market cap of $56.06 million, a P/E ratio of -2.51 and a beta of 1.74.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Craig Hallum decreased their price target on shares of Skye Bioscience from $18.00 to $14.00 and set a "buy" rating on the stock in a research note on Friday, March 21st. William Blair restated an "outperform" rating on shares of Skye Bioscience in a report on Friday, March 21st. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $16.60.

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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