Skye Bioscience (NASDAQ:SKYE) Trading 23.1% Higher - Should You Buy?

Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) was up 23.1% during mid-day trading on Thursday . The stock traded as high as $1.81 and last traded at $2.13. Approximately 320,782 shares changed hands during trading, a decline of 12% from the average daily volume of 365,298 shares. The stock had previously closed at $1.73.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Craig Hallum decreased their price target on shares of Skye Bioscience from $18.00 to $14.00 and set a "buy" rating for the company in a research note on Friday, March 21st. William Blair reiterated 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 data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $16.60.

Skye Bioscience Trading Up 3.4%

The stock's fifty day moving average price is $2.13 and its 200 day moving average price is $1.92. The stock has a market cap of $66.30 million, a P/E ratio of -2.61 and a beta of 1.69.

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

Hedge Funds Weigh In On Skye Bioscience

Large investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its stake in shares of Skye Bioscience by 20.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company's stock worth $176,000 after buying an additional 10,707 shares during the last quarter. Virtu Financial LLC bought a new stake in Skye Bioscience in the fourth quarter worth $29,000. Geode Capital Management LLC grew its stake in shares of Skye Bioscience by 5.2% in the fourth quarter. Geode Capital Management LLC now owns 405,694 shares of the company's stock worth $1,148,000 after acquiring an additional 19,901 shares during the last quarter. Wells Fargo & Company MN increased its holdings in shares of Skye Bioscience by 49.0% during the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company's stock valued at $32,000 after acquiring an additional 3,684 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of Skye Bioscience by 20.3% during the fourth quarter. Barclays PLC now owns 69,620 shares of the company's stock valued at $198,000 after acquiring an additional 11,731 shares in the last quarter. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

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.

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