Skye Bioscience’s (SKYE) Market Outperform Rating Reiterated at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Skye Bioscience (NASDAQ:SKYE) in a research report sent to investors on Tuesday,Benzinga reports. JMP Securities currently has a $15.00 price target on the stock.

SKYE has been the topic of several other reports. Craig Hallum decreased their target price on shares of Skye Bioscience from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. William Blair reaffirmed an “outperform” rating on shares of Skye Bioscience in a research note on Tuesday, May 20th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $16.60.

Skye Bioscience Stock Up 1.9%

Shares of NASDAQ:SKYE opened at $3.69 on Tuesday. Skye Bioscience has a 52 week low of $1.14 and a 52 week high of $8.44. The company’s fifty day moving average is $2.30 and its 200 day moving average is $1.95. The stock has a market cap of $114.32 million, a PE ratio of -4.50 and a beta of 1.69.

Skye Bioscience (NASDAQ:SKYE) last released its earnings results on Thursday, May 8th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.03. Sell-side analysts anticipate that Skye Bioscience will post -1.04 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Nuveen LLC purchased a new position in Skye Bioscience in the first quarter worth about $37,000. Capital Advisors Wealth Management LLC purchased a new stake in shares of Skye Bioscience during the first quarter valued at $33,000. Squarepoint Ops LLC bought a new stake in Skye Bioscience in the 4th quarter worth about $38,000. Two Sigma Advisers LP bought a new stake in Skye Bioscience in the 4th quarter worth about $32,000. Finally, Deutsche Bank AG increased its holdings in Skye Bioscience by 365.0% in the 4th quarter. Deutsche Bank AG now owns 40,835 shares of the company’s stock worth $116,000 after buying an additional 32,054 shares in the last quarter. 21.09% of the stock is owned by hedge funds and other 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.