Cantor Fitzgerald Predicts Skye Bioscience FY2025 Earnings

Skye Bioscience, Inc. (NASDAQ:SKYE) – Equities researchers at Cantor Fitzgerald issued their FY2025 earnings per share estimates for Skye Bioscience in a research report issued on Tuesday, January 21st. Cantor Fitzgerald analyst K. Kluska forecasts that the company will earn ($1.14) per share for the year. The consensus estimate for Skye Bioscience’s current full-year earnings is ($1.04) per share.

Separately, Scotiabank assumed coverage on shares of Skye Bioscience in a research note on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 price objective on the stock. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $18.67.

Skye Bioscience Price Performance

SKYE stock opened at $2.61 on Wednesday. The business’s 50-day moving average is $2.75 and its two-hundred day moving average is $3.89. Skye Bioscience has a fifty-two week low of $2.25 and a fifty-two week high of $19.41.

Institutional Trading of Skye Bioscience

Several institutional investors have recently made changes to their positions in the business. Barclays PLC lifted its holdings in 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. Geode Capital Management LLC lifted its holdings in shares of Skye Bioscience by 4.2% in the third quarter. Geode Capital Management LLC now owns 385,793 shares of the company’s stock worth $1,509,000 after buying an additional 15,614 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Skye Bioscience during the third quarter worth $48,000. Sphera Funds Management LTD. grew its stake in Skye Bioscience by 20.4% during the third quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock valued at $6,113,000 after acquiring an additional 265,210 shares in the last quarter. Finally, State Street Corp increased its holdings in Skye Bioscience by 7.0% in the 3rd quarter. State Street Corp now owns 354,205 shares of the company’s stock valued at $1,385,000 after acquiring an additional 23,201 shares during the last quarter. Hedge funds and other institutional investors own 21.09% of the company’s stock.

Insider Buying and Selling at Skye Bioscience

In related news, insider Tuan Tu Diep sold 19,489 shares of Skye Bioscience stock in a transaction on Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $97,250.11. Following the transaction, the insider now owns 82,259 shares in the company, valued at approximately $410,472.41. The trade was a 19.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Punit Dhillon sold 82,546 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $411,904.54. Following the completion of the transaction, the chief executive officer now directly owns 329,823 shares of the company’s stock, valued at $1,645,816.77. This represents a 20.02 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 232,431 shares of company stock valued at $1,160,360. Company insiders own 3.00% of the company’s stock.

About Skye Bioscience

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.