Skye Bioscience (NASDAQ:SKYE) Receives Market Outperform Rating from JMP Securities

Skye Bioscience (NASDAQ:SKYE - Get Free Report)'s stock had its "market outperform" rating reiterated by equities researchers at JMP Securities in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $15.00 target price on the stock. JMP Securities' price objective would suggest a potential upside of 254.53% from the stock's current price.

Several other brokerages also recently commented on SKYE. William Blair restated an "outperform" rating on shares of Skye Bioscience in a report on Tuesday, May 20th. Craig Hallum lowered their price objective on shares of Skye Bioscience from $18.00 to $14.00 and set a "buy" rating for the company in a research report on Friday, March 21st. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Skye Bioscience presently has an average rating of "Buy" and a consensus target price of $16.60.

Skye Bioscience Stock Down 0.4%

Shares of SKYE traded down $0.02 during trading hours on Tuesday, reaching $4.23. The stock had a trading volume of 4,379,375 shares, compared to its average volume of 474,874. Skye Bioscience has a 52 week low of $1.14 and a 52 week high of $8.44. The firm has a 50-day moving average of $2.34 and a 200 day moving average of $1.97. The company has a market cap of $131.08 million, a P/E ratio of -5.24 and a beta of 1.69.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.03. As a group, equities analysts expect that Skye Bioscience will post -1.04 earnings per share for the current year.

Institutional Investors Weigh In On Skye Bioscience

A number of hedge funds and other institutional investors have recently bought and sold shares of SKYE. Virtu Financial LLC acquired a new position in Skye Bioscience during the 4th quarter worth approximately $29,000. Wells Fargo & Company MN boosted its holdings in Skye Bioscience by 49.0% during the fourth 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 during the last quarter. Two Sigma Advisers LP bought a new position in Skye Bioscience in the fourth quarter valued at $32,000. Squarepoint Ops LLC bought a new position in Skye Bioscience in the fourth quarter valued at $38,000. Finally, Capital Advisors Wealth Management LLC acquired a new stake in Skye Bioscience in the 1st quarter valued at $33,000. 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.