Piper Sandler Reaffirms Overweight Rating for Skye Bioscience (NASDAQ:SKYE)

Skye Bioscience (NASDAQ:SKYE)‘s stock had its “overweight” rating reissued by analysts at Piper Sandler in a research note issued to investors on Friday, Benzinga reports. They currently have a $20.00 price objective on the stock.

A number of other research firms have also recently weighed in on SKYE. Craig Hallum began coverage on Skye Bioscience in a report on Tuesday, July 9th. They set a “buy” rating and a $18.00 price target for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 target price on shares of Skye Bioscience in a research note on Friday. Finally, JMP Securities began coverage on shares of Skye Bioscience in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $18.40.

Skye Bioscience Stock Down 39.5 %

Shares of SKYE traded down $2.17 during midday trading on Friday, reaching $3.32. The company had a trading volume of 3,835,989 shares, compared to its average volume of 143,467. The firm has a 50 day simple moving average of $5.87 and a 200-day simple moving average of $6.44. Skye Bioscience has a 1-year low of $1.44 and a 1-year high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings results on Friday, August 9th. The company reported ($0.20) EPS for the quarter, meeting the consensus estimate of ($0.20). As a group, equities analysts forecast that Skye Bioscience will post -1.06 EPS for the current year.

Insider Buying and Selling

In related news, Director Andrew J. Schwab sold 13,837 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $6.06, for a total value of $83,852.22. Following the completion of the sale, the director now owns 66,277 shares in the company, valued at approximately $401,638.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Andrew J. Schwab sold 13,837 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $6.06, for a total transaction of $83,852.22. Following the completion of the sale, the director now owns 66,277 shares in the company, valued at $401,638.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total value of $1,666,500.00. Following the sale, the director now directly owns 66,356 shares of the company’s stock, valued at $437,949.60. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SKYE. Cubist Systematic Strategies LLC acquired a new position in Skye Bioscience during the 2nd quarter worth approximately $30,000. Point72 DIFC Ltd purchased a new position in Skye Bioscience in the second quarter worth $48,000. Rhumbline Advisers acquired a new stake in Skye Bioscience in the second quarter valued at $158,000. AdvisorShares Investments LLC purchased a new stake in shares of Skye Bioscience during the 2nd quarter worth $210,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Skye Bioscience during the 2nd quarter worth $222,000. 21.09% of the stock is owned by hedge funds and other 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.