Brokerages Set Skye Bioscience, Inc. (NASDAQ:SKYE) PT at $16.60

Skye Bioscience, Inc. (NASDAQ:SKYE) has been given an average rating of “Buy” by the six research firms that are presently covering the company, Marketbeat Ratings reports. Six analysts have rated the stock with a buy rating. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $16.60.

Several research firms recently commented on SKYE. William Blair reissued an “outperform” rating on shares of Skye Bioscience in a report on Tuesday, May 20th. JMP Securities restated a “market outperform” rating and issued a $15.00 price objective on shares of Skye Bioscience in a research note on Tuesday, June 24th.

Hedge Funds Weigh In On Skye Bioscience

Large investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. boosted its stake in shares of Skye Bioscience by 20.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company’s stock worth $176,000 after buying an additional 10,707 shares during the period. Virtu Financial LLC acquired a new stake in shares of Skye Bioscience during the fourth quarter worth about $29,000. Geode Capital Management LLC boosted its stake in shares of Skye Bioscience by 5.2% during the fourth quarter. Geode Capital Management LLC now owns 405,694 shares of the company’s stock worth $1,148,000 after buying an additional 19,901 shares during the period. Wells Fargo & Company MN boosted its stake in shares of 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 during the period. Finally, Barclays PLC boosted its stake in shares of Skye Bioscience by 20.3% during the fourth quarter. Barclays PLC now owns 69,620 shares of the company’s stock worth $198,000 after buying an additional 11,731 shares during the period. Institutional investors and hedge funds own 21.09% of the company’s stock.

Skye Bioscience Price Performance

NASDAQ:SKYE opened at $3.61 on Monday. The firm has a market capitalization of $111.84 million, a PE ratio of -4.40 and a beta of 1.95. The business’s fifty day moving average price is $3.24 and its 200 day moving average price is $2.32. Skye Bioscience has a 12 month low of $1.14 and a 12 month high of $7.47.

Skye Bioscience (NASDAQ:SKYE) last posted its earnings results on Thursday, May 8th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.03. As a group, equities analysts anticipate that Skye Bioscience will post -1.04 EPS for the current year.

About Skye Bioscience

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.