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 reissued by research analysts at JMP Securities in a note issued to investors on Tuesday,Benzinga reports. They currently have a $15.00 target price on the stock. JMP Securities' price target indicates a potential upside of 376.34% from the company's current price.

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

Skye Bioscience Price Performance

Shares of SKYE stock traded up $0.28 during trading hours on Tuesday, reaching $3.15. 3,592,060 shares of the company traded hands, compared to its average volume of 429,250. The firm has a 50-day moving average price of $2.17 and a 200 day moving average price of $1.92. The company has a market cap of $97.56 million, a P/E ratio of -3.86 and a beta of 1.69. Skye Bioscience has a 12-month low of $1.14 and a 12-month high of $8.44.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.28) earnings per share for the quarter, topping analysts' consensus estimates of ($0.31) by $0.03. Sell-side analysts predict that Skye Bioscience will post -1.04 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SKYE. Virtu Financial LLC bought a new stake in shares of Skye Bioscience during the fourth quarter worth $29,000. Wells Fargo & Company MN grew its stake in Skye Bioscience by 49.0% in the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company's stock worth $32,000 after acquiring an additional 3,684 shares in the last quarter. Two Sigma Advisers LP purchased a new position in shares of Skye Bioscience during the fourth quarter worth approximately $32,000. Capital Advisors Wealth Management LLC bought a new stake in shares of Skye Bioscience during the first quarter valued at approximately $33,000. Finally, Nuveen LLC bought a new position in Skye Bioscience in the first quarter worth approximately $37,000. Hedge funds and other institutional investors own 21.09% of the company's stock.

Skye Bioscience Company Profile

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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