Skye Bioscience (NASDAQ:SKYE) Upgraded at Evercore ISI

Evercore ISI upgraded shares of Skye Bioscience (NASDAQ:SKYE) to a strong-buy rating in a research report sent to investors on Friday morning,Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. JMP Securities reissued a “market outperform” rating and issued a $15.00 price objective on shares of Skye Bioscience in a report on Tuesday, June 24th. William Blair reaffirmed an “outperform” rating on shares of Skye Bioscience in a research report on Tuesday, May 20th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $15.50.

Skye Bioscience Stock Up 7.3%

Skye Bioscience stock opened at $3.51 on Friday. Skye Bioscience has a 52-week low of $1.14 and a 52-week high of $7.47. The firm has a market capitalization of $108.77 million, a price-to-earnings ratio of -3.31 and a beta of 2.21. The company has a fifty day simple moving average of $3.55 and a 200-day simple moving average of $2.52.

Skye Bioscience (NASDAQ:SKYE) last released its earnings results on Thursday, August 7th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.10). On average, research analysts anticipate that Skye Bioscience will post -1.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Millington Financial Advisors LLC purchased a new position in Skye Bioscience during the second quarter worth about $44,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Skye Bioscience in the second quarter valued at approximately $42,000. Tower Research Capital LLC TRC boosted its stake in shares of Skye Bioscience by 121.3% in the second quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock valued at $46,000 after purchasing an additional 5,989 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Skye Bioscience by 49.0% in the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock valued at $32,000 after purchasing an additional 3,684 shares during the period. Finally, Two Sigma Advisers LP purchased a new position in shares of Skye Bioscience in the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 21.09% of the company’s stock.

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.