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Skye Bioscience (NASDAQ:SKYE) Lowered to "Neutral" Rating by Cantor Fitzgerald

Skye Bioscience logo with Medical background

Key Points

  • Cantor Fitzgerald downgraded Skye Bioscience's rating from "overweight" to "neutral" with a $2.00 price target, indicating a potential downside of 11.93% from its recent close.
  • Skye Bioscience reported a quarterly EPS of ($0.44), missing expectations and is expected to post an annual EPS of -1.04.
  • Insider trading activity has been significant, with major shareholders selling 462,810 shares worth $1.6 million in recent months.
  • MarketBeat previews the top five stocks to own by November 1st.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) was downgraded by Cantor Fitzgerald from an "overweight" rating to a "neutral" rating in a note issued to investors on Monday, MarketBeat.com reports. They currently have a $2.00 target price on the stock. Cantor Fitzgerald's price target points to a potential downside of 11.93% from the company's previous close.

Several other brokerages also recently commented on SKYE. Evercore ISI raised Skye Bioscience to a "strong-buy" rating in a research report on Friday, August 15th. JMP Securities restated a "market outperform" rating and issued a $15.00 target price on shares of Skye Bioscience in a research note on Tuesday, June 24th. Weiss Ratings restated a "sell (d-)" rating on shares of Skye Bioscience in a research note on Saturday, September 27th. Finally, HC Wainwright initiated coverage on Skye Bioscience in a research note on Tuesday, September 30th. They issued a "buy" rating and a $20.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $12.20.

Check Out Our Latest Analysis on SKYE

Skye Bioscience Price Performance

SKYE traded down $2.48 on Monday, hitting $2.27. The company had a trading volume of 8,555,160 shares, compared to its average volume of 655,971. The company's fifty day moving average price is $3.73 and its 200 day moving average price is $3.03. The stock has a market cap of $70.37 million, a price-to-earnings ratio of -2.11 and a beta of 2.34. Skye Bioscience has a 1-year low of $1.14 and a 1-year high of $5.96.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.10). On average, sell-side analysts forecast that Skye Bioscience will post -1.04 EPS for the current year.

Insider Buying and Selling at Skye Bioscience

In other news, Director Andrew J. Schwab sold 170,449 shares of the company's stock in a transaction 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 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 ownership of the stock. The sale 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 on Friday, August 22nd. The shares were 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 in the company, valued at $196,626.06. This trade represents a 74.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 462,810 shares of company stock worth $1,601,097 in the last ninety days. 4.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Skye Bioscience

Several hedge funds have recently added to or reduced their stakes in SKYE. Two Sigma Advisers LP acquired a new position in Skye Bioscience in the fourth quarter valued at about $32,000. Capital Advisors Wealth Management LLC acquired a new position in Skye Bioscience in the first quarter valued at about $33,000. Nuveen LLC acquired a new position in Skye Bioscience in the first quarter valued at about $37,000. Squarepoint Ops LLC acquired a new position in Skye Bioscience in the fourth quarter valued at about $38,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in Skye Bioscience in the second quarter valued at about $42,000. Institutional investors and hedge funds own 21.09% of the company's stock.

About Skye Bioscience

(Get Free Report)

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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Analyst Recommendations for Skye Bioscience (NASDAQ:SKYE)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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