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

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have been given an average recommendation of “Buy” by the seven research firms that are covering the firm, MarketBeat.com reports. Seven investment analysts have rated the stock with a buy rating. The average twelve-month price objective among brokerages 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 Up 2.0 %

SKYE opened at $2.56 on Friday. Skye Bioscience has a 12 month low of $2.31 and a 12 month high of $18.00. The company has a 50 day moving average of $3.01 and a 200 day moving average of $3.11.

Institutional Inflows and Outflows

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

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.