Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) rose 24% during trading on Thursday . The stock traded as high as $1.81 and last traded at $2.15. Approximately 320,782 shares were traded during trading, a decline of 13% from the average daily volume of 367,317 shares. The stock had previously closed at $1.73.
Wall Street Analyst Weigh In
SKYE has been the subject of several recent analyst reports. William Blair reaffirmed an "outperform" rating on shares of Skye Bioscience in a research note on Tuesday, May 20th. Craig Hallum dropped 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 note on Friday, March 21st. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $16.60.
Read Our Latest Analysis on SKYE
Skye Bioscience Stock Down 6.6%
The stock has a market capitalization of $61.33 million, a PE ratio of -2.41 and a beta of 1.74. The stock's 50 day moving average price is $1.99 and its 200-day moving average price is $2.00.
Skye Bioscience (NASDAQ:SKYE - Get Free Report) last issued 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, sell-side analysts predict that Skye Bioscience, Inc. will post -1.04 earnings per share for the current fiscal year.
Institutional Trading of Skye Bioscience
A number of large investors have recently made changes to their positions in the stock. Nuveen LLC purchased a new stake in shares of Skye Bioscience during the first quarter valued at $37,000. Capital Advisors Wealth Management LLC bought a new stake in shares of Skye Bioscience in the first quarter valued at about $33,000. Squarepoint Ops LLC purchased a new position in Skye Bioscience during the 4th quarter valued at about $38,000. Two Sigma Advisers LP purchased a new position in Skye Bioscience during the 4th quarter valued at about $32,000. Finally, Deutsche Bank AG lifted its position in shares of Skye Bioscience by 365.0% in the 4th quarter. Deutsche Bank AG now owns 40,835 shares of the company's stock worth $116,000 after purchasing an additional 32,054 shares during the period. 21.09% of the stock is owned by hedge funds and other institutional investors.
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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