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

Skye Bioscience, Inc. (NASDAQ:SKYE) has been assigned a consensus rating of “Buy” from the seven brokerages that are currently covering the firm, MarketBeat reports. Seven research analysts have rated the stock with a buy recommendation. The average 12-month price target among brokerages that have covered the stock in the last year is $18.67.

Separately, William Blair started coverage on Skye Bioscience in a report on Friday, February 28th. They issued an “outperform” rating for the company.

Skye Bioscience Stock Performance

Shares of NASDAQ SKYE opened at $2.56 on Friday. The stock’s fifty day simple moving average is $3.01 and its 200 day simple moving average is $3.11. Skye Bioscience has a 52-week low of $2.31 and a 52-week high of $18.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SKYE. Squarepoint Ops LLC acquired a new stake in shares of Skye Bioscience during the 4th quarter valued at about $38,000. Two Sigma Advisers LP bought a new position in Skye Bioscience during the fourth quarter valued at approximately $32,000. Deutsche Bank AG lifted its stake in Skye Bioscience by 365.0% in the fourth quarter. Deutsche Bank AG now owns 40,835 shares of the company’s stock valued at $116,000 after acquiring an additional 32,054 shares during the last quarter. Bridgeway Capital Management LLC grew its position in Skye Bioscience by 26.3% in the fourth quarter. Bridgeway Capital Management LLC now owns 72,000 shares of the company’s stock worth $204,000 after acquiring an additional 15,000 shares in the last quarter. Finally, Braidwell LP acquired a new position in shares of Skye Bioscience during the 4th quarter worth $2,337,000. Hedge funds and other institutional investors own 21.09% 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.