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 investment analysts at Evercore ISI to a "strong-buy" rating in a note issued to investors on Friday,Zacks.com reports.

SKYE has been the topic of several other research reports. JMP Securities reaffirmed a "market outperform" rating and set a $15.00 price target on shares of Skye Bioscience in a report on Tuesday, June 24th. William Blair reissued an "outperform" rating on shares of Skye Bioscience in a report on Tuesday, May 20th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $15.50.

Skye Bioscience Stock Performance

NASDAQ:SKYE opened at $3.51 on Friday. The firm has a market cap of $108.77 million, a P/E ratio of -3.31 and a beta of 2.21. Skye Bioscience has a fifty-two week low of $1.14 and a fifty-two week high of $7.47. The firm has a 50-day simple moving average of $3.55 and a two-hundred day simple moving average of $2.51.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last announced its earnings results 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). On average, equities research analysts predict that Skye Bioscience will post -1.04 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SKYE. 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 purchasing an additional 3,684 shares during the last quarter. Two Sigma Advisers LP bought a new position in shares of Skye Bioscience in the fourth quarter worth about $32,000. Capital Advisors Wealth Management LLC bought a new position in shares of Skye Bioscience in the first quarter worth about $33,000. Nuveen LLC bought a new position in shares of Skye Bioscience in the first quarter worth about $37,000. Finally, Squarepoint Ops LLC purchased a new stake in Skye Bioscience in the fourth quarter worth about $38,000. 21.09% of the stock is currently owned by 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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