Weiss Ratings Reaffirms "Sell (D-)" Rating for Skye Bioscience (NASDAQ:SKYE)

Key Points

• Weiss Ratings has reaffirmed a "Sell (D-)" rating for Skye Bioscience (NASDAQ:SKYE), reflecting ongoing concerns among analysts regarding the company's performance.
• Stock analysts have mixed views on Skye Bioscience, with price targets ranging from $2.00 to $20.00, resulting in an average rating of "Moderate Buy" from a consensus of analysts.
• In recent insider trading, major shareholders sold significant shares, indicating a potential loss of confidence in the company's stock, as they reduced their holdings by about 74.78%.

Skye Bioscience (NASDAQ:SKYE - Get Free Report)'s stock had its "sell (d-)" rating reissued by equities research analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

SKYE has been the subject of a number of other reports. Cantor Fitzgerald cut Skye Bioscience from an "overweight" rating to a "neutral" rating and set a $2.00 price target for the company. in a research note on Monday. JMP Securities reaffirmed a "market outperform" rating and issued a $15.00 price target on shares of Skye Bioscience in a research note on Tuesday, June 24th. Evercore ISI raised Skye Bioscience to a "strong-buy" rating in a research note on Friday, August 15th. Craig Hallum cut Skye Bioscience from a "buy" rating to a "hold" rating and set a $2.00 price target for the company. in a research note on Monday. Finally, HC Wainwright initiated coverage on Skye Bioscience in a research note on Tuesday, September 30th. They issued a "buy" rating and a $20.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Skye Bioscience currently has an average rating of "Moderate Buy" and a consensus price target of $9.80.

Skye Bioscience Trading Up 3.6%

Shares of NASDAQ:SKYE opened at $1.72 on Wednesday. The stock has a market capitalization of $53.30 million, a P/E ratio of -1.62 and a beta of 2.34. Skye Bioscience has a 1-year low of $1.14 and a 1-year high of $5.96. The business has a 50-day moving average price of $3.62 and a two-hundred day moving average price of $3.03.

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

Insider Buying and Selling

In related news, major shareholder 5Am Partners Vii, Llc sold 170,449 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $3.42, for a total transaction of $582,935.58. Following the completion of the sale, the insider directly owned 57,493 shares of the company's stock, valued at approximately $196,626.06. This represents a 74.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrew J. Schwab sold 170,449 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $3.42, for a total value of $582,935.58. Following the sale, the director directly owned 57,493 shares of the company's stock, valued at approximately $196,626.06. The trade was a 74.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 462,810 shares of company stock valued at $1,601,097. 4.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Skye Bioscience

A number of large investors have recently bought and sold shares of SKYE. Bank of America Corp DE boosted its position in Skye Bioscience by 37.4% during the 4th quarter. Bank of America Corp DE now owns 39,257 shares of the company's stock worth $111,000 after acquiring an additional 10,696 shares during the last quarter. Capital Advisors Wealth Management LLC acquired a new position in Skye Bioscience during the 1st quarter worth approximately $33,000. Nuveen LLC acquired a new position in Skye Bioscience during the 1st quarter worth approximately $37,000. Y Intercept Hong Kong Ltd acquired a new position in Skye Bioscience during the 2nd quarter worth approximately $42,000. Finally, Millington Financial Advisors LLC acquired a new position in Skye Bioscience during the 2nd quarter worth approximately $44,000. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.