Skye Bioscience, Inc. (NASDAQ:SKYE) Receives Average Recommendation of “Buy” from Analysts

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have earned an average recommendation of “Buy” from the six analysts that are presently covering the company, Marketbeat reports. Six investment analysts have rated the stock with a buy rating. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $18.67.

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

Insider Activity at Skye Bioscience

In other Skye Bioscience news, Director Paul A. Grayson sold 86,244 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $430,357.56. Following the transaction, the director now directly owns 259,701 shares of the company’s stock, valued at $1,295,907.99. This represents a 24.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Tuan Tu Diep sold 19,489 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $97,250.11. Following the sale, the insider now owns 82,259 shares of the company’s stock, valued at $410,472.41. This trade represents a 19.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 232,431 shares of company stock worth $1,160,360. Company insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On Skye Bioscience

A number of large investors have recently made changes to their positions in SKYE. Cubist Systematic Strategies LLC acquired a new position in Skye Bioscience in the 2nd quarter valued at $30,000. Point72 DIFC Ltd bought a new stake in shares of Skye Bioscience in the second quarter valued at about $48,000. Jane Street Group LLC bought a new stake in shares of Skye Bioscience in the third quarter valued at about $48,000. Rhumbline Advisers acquired a new position in shares of Skye Bioscience in the second quarter valued at about $158,000. Finally, AdvisorShares Investments LLC bought a new position in Skye Bioscience during the second quarter worth about $210,000. Institutional investors own 21.09% of the company’s stock.

Skye Bioscience Stock Up 0.9 %

Skye Bioscience stock opened at $3.38 on Friday. Skye Bioscience has a 1-year low of $2.25 and a 1-year high of $19.41. The company has a fifty day simple moving average of $4.29 and a 200 day simple moving average of $4.62.

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.