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

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have been given an average recommendation of “Buy” by the seven brokerages that are covering the firm, MarketBeat.com reports. Seven research analysts have rated the stock with a buy rating. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $18.00.

Several equities research analysts recently issued reports on SKYE shares. Craig Hallum decreased their price target 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 restated an “outperform” rating on shares of Skye Bioscience in a report on Friday, March 21st.

Institutional Trading of Skye Bioscience

A number of large investors have recently bought and sold shares of SKYE. BNP Paribas Financial Markets increased its holdings in Skye Bioscience by 71.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock worth $185,000 after acquiring an additional 19,704 shares during the last quarter. Baker BROS. Advisors LP lifted its stake in shares of Skye Bioscience by 186.9% during the 3rd quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock valued at $5,609,000 after buying an additional 934,634 shares in the last quarter. State Street Corp boosted 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 worth $1,385,000 after buying an additional 23,201 shares during the period. Sphera Funds Management LTD. raised its holdings in Skye Bioscience by 20.4% during the 3rd 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 during the period. Finally, Jane Street Group LLC purchased a new stake in shares of Skye Bioscience during the third quarter worth $48,000. 21.09% of the stock is owned by hedge funds and other institutional investors.

Skye Bioscience Trading Down 11.8 %

Skye Bioscience stock opened at $1.87 on Tuesday. The firm has a market capitalization of $57.92 million, a price-to-earnings ratio of -2.60 and a beta of 1.71. The firm’s fifty day moving average price is $2.47 and its two-hundred day moving average price is $2.74. Skye Bioscience has a 1-year low of $1.81 and a 1-year high of $17.65.

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

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.