Skye Bioscience (NASDAQ:SKYE) Trading Down 8% - Should You Sell?

Key Points

• Skye Bioscience's stock experienced an 8% decline, trading at $4.01 after previously closing at $4.36, with a significant drop in trading volume to 260,808 shares.
• Despite the recent decrease, analysts maintain a positive outlook, with a consensus rating of "Buy" and an average price target of $16.60.
• The company reported earnings of ($0.28) EPS for the last quarter, exceeding estimates and is projected to post -$1.04 EPS for the current year.

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) traded down 8% on Thursday . The company traded as low as $3.99 and last traded at $4.01. 260,808 shares traded hands during trading, a decline of 77% from the average session volume of 1,146,937 shares. The stock had previously closed at $4.36.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. JMP Securities reaffirmed a "market outperform" rating and set a $15.00 price objective on shares of Skye Bioscience in a research report on Tuesday, June 24th. William Blair reissued an "outperform" rating on shares of Skye Bioscience in a report on Tuesday, May 20th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $16.60.

Skye Bioscience Stock Performance

The firm has a market cap of $116.64 million, a P/E ratio of -4.59 and a beta of 1.95. The stock has a fifty day simple moving average of $3.16 and a 200 day simple moving average of $2.28.

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 analysts' consensus estimates of ($0.31) by $0.03. Research analysts predict that Skye Bioscience, Inc. will post -1.04 earnings per share for the current year.

Institutional Trading of Skye Bioscience

Several large investors have recently modified their holdings of the company. Wells Fargo & Company MN grew its holdings in shares of Skye Bioscience by 49.0% in the fourth 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 during the period. Virtu Financial LLC bought a new stake in shares of Skye Bioscience in the fourth quarter worth $29,000. Bank of America Corp DE grew its holdings in shares of Skye Bioscience by 37.4% in the fourth quarter. Bank of America Corp DE now owns 39,257 shares of the company's stock worth $111,000 after acquiring an additional 10,696 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Skye Bioscience by 20.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company's stock worth $176,000 after acquiring an additional 10,707 shares during the period. Finally, Two Sigma Advisers LP purchased a new position in Skye Bioscience during the fourth quarter valued at $32,000. Institutional investors 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.