Piper Sandler Initiates Coverage on Skye Bioscience (OTCMKTS:SKYE)

Equities research analysts at Piper Sandler initiated coverage on shares of Skye Bioscience (OTCMKTS:SKYEGet Free Report) in a report released on Monday, Marketbeat.com reports. The brokerage set an “overweight” rating and a $12.00 price target on the stock. Piper Sandler’s price objective indicates a potential upside of 126.42% from the stock’s previous close.

Skye Bioscience Trading Up 19.6 %

SKYE stock opened at $5.30 on Monday. The company has a market cap of $65.46 million, a P/E ratio of -0.50 and a beta of 1.13. Skye Bioscience has a 52 week low of $1.44 and a 52 week high of $12.38. The company’s 50-day moving average price is $2.91 and its 200 day moving average price is $2.00.

Skye Bioscience (OTCMKTS:SKYEGet Free Report) last announced its earnings results on Monday, November 13th. The company reported ($3.17) earnings per share (EPS) for the quarter.

Skye Bioscience Company Profile

(Get Free Report)

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.

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