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

Skye Bioscience, Inc. (NASDAQ:SKYE) has earned a consensus rating of “Buy” from the seven brokerages that are covering the stock, Marketbeat reports. Seven equities research analysts have rated the stock with a buy rating. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $18.67.

Separately, William Blair began 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 business has a 50-day moving average price of $3.01 and a 200-day moving average price of $3.11. Skye Bioscience has a 52-week low of $2.31 and a 52-week high of $18.00.

Institutional Investors Weigh In On Skye Bioscience

A number of hedge funds have recently modified their holdings of SKYE. Virtu Financial LLC purchased a new stake in Skye Bioscience in the 4th quarter valued at $29,000. Wells Fargo & Company MN raised its position in Skye Bioscience by 49.0% in the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock valued at $32,000 after purchasing an additional 3,684 shares during the period. Two Sigma Advisers LP acquired a new stake in shares of Skye Bioscience in the fourth quarter valued at $32,000. Squarepoint Ops LLC acquired a new position in Skye Bioscience in the 4th quarter valued at about $38,000. Finally, Jane Street Group LLC purchased a new position in shares of Skye Bioscience in the third quarter valued at approximately $48,000. 21.09% of the stock is currently owned by institutional investors and hedge funds.

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.