Analysts Set Skye Bioscience, Inc. (NASDAQ:SKYE) Price Target at $18.67

Skye Bioscience, Inc. (NASDAQ:SKYE) has earned an average recommendation of “Buy” from the six analysts that are covering the company, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $18.67.

Several brokerages recently issued reports on SKYE. JMP Securities assumed coverage on shares of Skye Bioscience in a research report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price target on the stock. Piper Sandler reiterated an “overweight” rating and set a $20.00 target price on shares of Skye Bioscience in a report on Friday, September 20th. Scotiabank began coverage on Skye Bioscience in a research note on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 target price for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $14.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th.

Insider Buying and Selling

In other 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 of the company’s stock, valued at $401,638.62. The trade was a 17.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.00% of the stock is currently owned by company insiders.

Institutional Trading of Skye Bioscience

Several institutional investors have recently bought and sold shares of SKYE. Geode Capital Management LLC increased its position in shares of Skye Bioscience by 4.2% during the third quarter. Geode Capital Management LLC now owns 385,793 shares of the company’s stock valued at $1,509,000 after acquiring an additional 15,614 shares in the last quarter. Barclays PLC increased its holdings in shares of Skye Bioscience by 36.7% in the 3rd quarter. Barclays PLC now owns 57,889 shares of the company’s stock worth $226,000 after purchasing an additional 15,551 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Skye Bioscience in the 3rd quarter worth $48,000. Sphera Funds Management LTD. raised its stake in shares of Skye Bioscience by 20.4% in the third quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock worth $6,113,000 after purchasing an additional 265,210 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Skye Bioscience by 7.0% during the third quarter. State Street Corp now owns 354,205 shares of the company’s stock valued at $1,385,000 after purchasing an additional 23,201 shares in the last quarter. 21.09% of the stock is owned by hedge funds and other institutional investors.

Skye Bioscience Trading Down 7.9 %

NASDAQ:SKYE opened at $4.56 on Tuesday. Skye Bioscience has a twelve month low of $1.44 and a twelve month high of $19.41. The firm’s fifty day simple moving average is $5.07 and its 200 day simple moving average is $5.01.

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.