Skye Bioscience, Inc. (NASDAQ:SKYE) Receives $18.00 Average Price Target from Analysts

Skye Bioscience, Inc. (NASDAQ:SKYE) has been given an average rating of “Buy” by the seven ratings firms that are covering the company, MarketBeat.com reports. Seven equities research analysts have rated the stock with a buy recommendation. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $18.00.

A number of research analysts have issued reports on the company. Craig Hallum cut their price objective on Skye Bioscience from $18.00 to $14.00 and set a “buy” rating for the company in a report on Friday, March 21st. William Blair reaffirmed an “outperform” rating on shares of Skye Bioscience in a report on Friday, March 21st.

Skye Bioscience Price Performance

Shares of SKYE stock opened at $1.87 on Tuesday. The stock has a market cap of $57.92 million, a P/E ratio of -2.60 and a beta of 1.71. The stock has a fifty day moving average price of $2.47 and a 200 day moving average price of $2.74. Skye Bioscience has a one year low of $1.81 and a one year high of $17.65.

Skye Bioscience (NASDAQ:SKYE) last posted its earnings results on Thursday, March 20th. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.06. During the same quarter in the prior year, the firm posted ($0.36) earnings per share. Equities research analysts anticipate that Skye Bioscience will post -1.04 EPS for the current year.

Institutional Trading of Skye Bioscience

Institutional investors and hedge funds have recently made changes to their positions in the business. Virtu Financial LLC bought a new stake in Skye Bioscience in the fourth quarter valued at about $29,000. Wells Fargo & Company MN increased its stake 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 in the last quarter. Two Sigma Advisers LP bought a new position in shares of Skye Bioscience during the fourth quarter worth $32,000. Squarepoint Ops LLC acquired a new position in shares of Skye Bioscience in the 4th quarter valued at $38,000. Finally, Jane Street Group LLC acquired a new stake in Skye Bioscience during the 3rd quarter worth $48,000. Institutional investors own 21.09% of the company’s stock.

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.