Skye Bioscience, Inc. (NASDAQ:SKYE) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have received an average recommendation of “Buy” from the seven ratings firms that are covering the company, MarketBeat.com reports. Seven analysts have rated the stock with a buy recommendation. The average 1 year price target among analysts that have issued a report on the stock in the last year is $18.67.

Separately, William Blair began coverage on shares of Skye Bioscience in a report on Friday, February 28th. They set an “outperform” rating on the stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SKYE. Virtu Financial LLC bought a new stake in shares of Skye Bioscience during the fourth quarter worth $29,000. Wells Fargo & Company MN grew its position in Skye Bioscience by 49.0% during the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock worth $32,000 after acquiring an additional 3,684 shares during the last quarter. Two Sigma Advisers LP acquired a new position in Skye Bioscience in the 4th quarter worth about $32,000. Jane Street Group LLC acquired a new position in Skye Bioscience in the 3rd quarter worth about $48,000. Finally, Squarepoint Ops LLC bought a new position in Skye Bioscience in the fourth quarter valued at about $38,000. Institutional investors own 21.09% of the company’s stock.

Skye Bioscience Trading Up 2.0 %

Shares of SKYE opened at $2.56 on Friday. The stock has a 50 day simple moving average of $3.01 and a 200 day simple moving average of $3.11. Skye Bioscience has a 52-week low of $2.31 and a 52-week high of $18.00.

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.