Skye Bioscience (NASDAQ:SKYE) Receives Overweight Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Skye Bioscience (NASDAQ:SKYE) in a report released on Friday morning, Benzinga reports. They currently have a $20.00 target price on the stock.

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

Skye Bioscience Price Performance

Shares of Skye Bioscience stock traded down $2.17 on Friday, hitting $3.32. The stock had a trading volume of 3,835,989 shares, compared to its average volume of 143,467. The business’s 50 day moving average is $5.87 and its two-hundred day moving average is $6.44. Skye Bioscience has a twelve month low of $1.44 and a twelve month 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). Equities research analysts expect 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 the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $6.06, for a total transaction of $83,852.22. Following the sale, the director now owns 66,277 shares in the company, valued at approximately $401,638.62. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Andrew J. Schwab sold 13,837 shares of the business’s 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 sale, the director now directly owns 66,277 shares of the company’s stock, valued at approximately $401,638.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Andrew J. Schwab sold 252,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total value of $1,666,500.00. Following the sale, the director now owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. The disclosure for this sale can be found here. Company insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Skye Bioscience

Hedge funds have recently bought and sold shares of the company. Logos Global Management LP purchased a new position in shares of Skye Bioscience in the 2nd quarter worth about $10,425,000. CVI Holdings LLC bought a new stake in shares of Skye Bioscience in the second quarter valued at approximately $5,445,000. Driehaus Capital Management LLC bought a new stake in shares of Skye Bioscience in the second quarter valued at approximately $5,213,000. Point72 Asset Management L.P. purchased a new stake in shares of Skye Bioscience during the 2nd quarter valued at approximately $4,486,000. Finally, Perceptive Advisors LLC purchased a new stake in shares of Skye Bioscience during the second quarter worth $4,005,000. 21.09% of the stock is owned by hedge funds and other institutional investors.

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.