Skye Bioscience (NASDAQ:SKYE) Given Overweight Rating at Cantor Fitzgerald

Skye Bioscience (NASDAQ:SKYE)‘s stock had its “overweight” rating reiterated by Cantor Fitzgerald in a note issued to investors on Friday, Benzinga reports. They currently have a $14.00 price objective on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 343.04% from the stock’s current price.

Several other analysts also recently commented on the stock. JMP Securities started coverage on shares of Skye Bioscience in a report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price objective on the stock. Craig Hallum initiated coverage on Skye Bioscience in a research note on Tuesday, July 9th. They set a “buy” rating and a $18.00 price objective for the company. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $18.40.

Skye Bioscience Price Performance

Shares of SKYE traded down $2.33 during trading hours on Friday, reaching $3.16. 3,278,764 shares of the company traded hands, compared to its average volume of 142,774. The business has a fifty day moving average price of $5.87 and a 200-day moving average price of $6.44. Skye Bioscience has a 12-month low of $1.44 and a 12-month high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings results on Friday, August 9th. The company reported ($0.20) earnings per share for the quarter, meeting the consensus estimate of ($0.20). On average, equities research analysts predict that Skye Bioscience will post -1.06 EPS for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. AdvisorShares Investments LLC purchased a new position in Skye Bioscience in the 2nd quarter valued at $210,000. Cubist Systematic Strategies LLC purchased a new position in shares of Skye Bioscience in the second quarter worth about $30,000. Point72 Asset Management L.P. acquired a new position in Skye Bioscience during the second quarter worth about $4,486,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Skye Bioscience during the second quarter worth about $222,000. Finally, Point72 DIFC Ltd purchased a new stake in Skye Bioscience during the 2nd quarter valued at about $48,000. 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.