Shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) traded up 23.1% during trading on Thursday . The company traded as high as $1.81 and last traded at $2.13. 320,782 shares changed hands during trading, a decline of 12% from the average session volume of 365,298 shares. The stock had previously closed at $1.73.
Analyst Ratings Changes
A number of equities analysts have commented on the stock. Craig Hallum reduced 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. William Blair reaffirmed an "outperform" rating on shares of Skye Bioscience in a research report on Tuesday, May 20th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $16.60.
View Our Latest Stock Report on SKYE
Skye Bioscience Price Performance
The stock's 50-day moving average price is $2.17 and its 200-day moving average price is $1.92. The company has a market cap of $88.91 million, a P/E ratio of -3.50 and a beta of 1.69.
Skye Bioscience (NASDAQ:SKYE - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.31) by $0.03. As a group, analysts expect that Skye Bioscience, Inc. will post -1.04 EPS for the current fiscal year.
Institutional Investors Weigh In On Skye Bioscience
A number of institutional investors have recently modified their holdings of the business. Virtu Financial LLC acquired a new position in Skye Bioscience in the fourth quarter valued at about $29,000. Wells Fargo & Company MN raised its stake in Skye Bioscience by 49.0% in the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company's stock valued at $32,000 after purchasing an additional 3,684 shares in the last quarter. 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. Finally, Nuveen LLC acquired a new position in Skye Bioscience in the first quarter valued at about $37,000. Institutional investors 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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