Skye Bioscience (NASDAQ:SKYE) Upgraded by Evercore ISI to "Strong-Buy" Rating

Key Points

• Skye Bioscience has been upgraded to a strong-buy rating by Evercore ISI, indicative of positive investor sentiment.
• The stock currently has an average rating of "Buy" from analysts, with a consensus price target of $15.50.
• Skye Bioscience specializes in cannabinoid-based treatments, with its lead product candidate focusing on glaucoma and ocular hypertension.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) was upgraded by stock analysts at Evercore ISI to a "strong-buy" rating in a research report issued on Friday,Zacks.com reports.

SKYE has been the subject of a number of other reports. JMP Securities restated a "market outperform" rating and issued a $15.00 price objective on shares of Skye Bioscience in a research note on Tuesday, June 24th. William Blair restated an "outperform" rating on shares of Skye Bioscience in a research note on Tuesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $15.50.

Skye Bioscience Stock Performance

Shares of Skye Bioscience stock traded up $0.2050 on Friday, reaching $3.7050. The stock had a trading volume of 155,598 shares, compared to its average volume of 663,706. The business's 50-day moving average price is $3.63 and its two-hundred day moving average price is $2.55. Skye Bioscience has a fifty-two week low of $1.14 and a fifty-two week high of $7.47. The stock has a market cap of $114.82 million, a P/E ratio of -3.48 and a beta of 2.21.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.44) earnings per share for the quarter, missing analysts' consensus estimates of ($0.34) by ($0.10). As a group, equities analysts forecast that Skye Bioscience will post -1.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Skye Bioscience

Institutional investors and hedge funds have recently bought and sold shares of the stock. Millington Financial Advisors LLC bought a new position in Skye Bioscience during the second quarter worth $44,000. Y Intercept Hong Kong Ltd bought a new stake in Skye Bioscience in the 2nd quarter valued at $42,000. Tower Research Capital LLC TRC increased its holdings in Skye Bioscience by 121.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company's stock valued at $46,000 after buying an additional 5,989 shares during the period. Wells Fargo & Company MN increased its holdings in Skye Bioscience by 49.0% in the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company's stock valued at $32,000 after buying an additional 3,684 shares during the period. Finally, Two Sigma Advisers LP bought a new stake in Skye Bioscience in the 4th quarter valued at $32,000. 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.