Skye Bioscience, Inc. (NASDAQ:SKYE) Receives $16.60 Average PT from Analysts

Skye Bioscience, Inc. (NASDAQ:SKYE) has been given a consensus recommendation of “Buy” by the six ratings firms that are covering the stock, MarketBeat.com reports. Six research analysts have rated the stock with a buy recommendation. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $16.60.

Several brokerages have recently weighed in on SKYE. William Blair reaffirmed an “outperform” rating on shares of Skye Bioscience in a report on Friday, March 21st. Craig Hallum lowered their target price on shares of Skye Bioscience from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, March 21st.

Skye Bioscience Stock Performance

NASDAQ SKYE opened at $1.94 on Wednesday. The firm has a market cap of $60.09 million, a PE ratio of -2.37 and a beta of 1.74. Skye Bioscience has a one year low of $1.14 and a one year high of $13.44. The firm’s fifty day moving average is $1.74 and its two-hundred day moving average is $2.20.

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

Institutional Investors Weigh In On Skye Bioscience

Several institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN boosted its stake in shares of Skye Bioscience by 49.0% during the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock worth $32,000 after acquiring an additional 3,684 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Skye Bioscience during the 4th quarter worth approximately $29,000. Bank of America Corp DE boosted its stake in shares of Skye Bioscience by 37.4% during the 4th quarter. Bank of America Corp DE now owns 39,257 shares of the company’s stock worth $111,000 after acquiring an additional 10,696 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Skye Bioscience by 20.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company’s stock worth $176,000 after acquiring an additional 10,707 shares in the last quarter. Finally, Two Sigma Advisers LP purchased a new stake in shares of Skye Bioscience during the 4th quarter worth 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.