Skye Bioscience, Inc. (NASDAQ:SKYE) Receives $18.67 Average Price Target from Brokerages

Skye Bioscience, Inc. (NASDAQ:SKYE) has received an average rating of “Buy” from the six research firms that are presently covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a buy recommendation. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $18.67.

A number of analysts have issued reports on SKYE shares. JMP Securities assumed coverage on Skye Bioscience in a report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price objective on the stock. Piper Sandler restated an “overweight” rating and issued a $20.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. Scotiabank started coverage on shares of Skye Bioscience in a research report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 price objective for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $14.00 price objective on shares of Skye Bioscience in a research note on Friday, September 20th.

Skye Bioscience Stock Performance

Shares of Skye Bioscience stock opened at $3.38 on Friday. Skye Bioscience has a twelve month low of $2.25 and a twelve month high of $19.41. The business has a 50-day moving average price of $4.29 and a 200-day moving average price of $4.62.

Insiders Place Their Bets

In other Skye Bioscience news, CEO Punit Dhillon sold 82,546 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $411,904.54. Following the completion of the sale, the chief executive officer now owns 329,823 shares of the company’s stock, valued at $1,645,816.77. This trade represents a 20.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Tuan Tu Diep sold 19,489 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $97,250.11. Following the transaction, the insider now directly owns 82,259 shares in the company, valued at approximately $410,472.41. This represents a 19.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 232,431 shares of company stock valued at $1,160,360 over the last three months. 3.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Skye Bioscience

Large investors have recently added to or reduced their stakes in the stock. Logos Global Management LP purchased a new stake in shares of Skye Bioscience in the 2nd quarter worth $10,425,000. Baker BROS. Advisors LP raised its position in shares of Skye Bioscience by 186.9% in the 3rd quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock worth $5,609,000 after acquiring an additional 934,634 shares in the last quarter. CVI Holdings LLC bought a new position in Skye Bioscience in the second quarter worth about $5,445,000. Driehaus Capital Management LLC purchased a new stake in Skye Bioscience during the second quarter valued at approximately $5,213,000. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Skye Bioscience during the 2nd quarter valued at $4,486,000. 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.