Cantor Fitzgerald Reiterates “Overweight” Rating for Skye Bioscience (NASDAQ:SKYE)

Skye Bioscience (NASDAQ:SKYE)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Cantor Fitzgerald in a research report issued on Monday, Benzinga reports. They currently have a $14.00 price target on the stock. Cantor Fitzgerald’s target price would indicate a potential upside of 85.19% from the company’s previous close.

A number of other research analysts have also recently commented on the stock. Oppenheimer began coverage on shares of Skye Bioscience in a research report on Friday, April 12th. They set an “outperform” rating and a $25.00 target price on the stock. Piper Sandler reissued an “overweight” rating and set a $20.00 target price (up from $12.00) on shares of Skye Bioscience in a research report on Thursday, March 14th.

Skye Bioscience Stock Down 6.2 %

Shares of SKYE stock opened at $7.56 on Monday. Skye Bioscience has a fifty-two week low of $1.44 and a fifty-two week high of $19.41. The firm’s 50 day moving average price is $9.83 and its two-hundred day moving average price is $11.83.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings results on Friday, May 10th. The company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.02). Analysts expect that Skye Bioscience will post -0.95 EPS for the current year.

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.