Skye Bioscience, Inc. (NASDAQ:SKYE) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have earned a consensus rating of “Buy” from the six analysts that are presently covering the firm, MarketBeat reports. Six investment analysts have rated the stock with a buy recommendation. The average 1-year price target among analysts that have issued a report on the stock in the last year is $16.60.

A number of brokerages recently issued reports on SKYE. Craig Hallum lowered their price target on Skye Bioscience from $18.00 to $14.00 and set a “buy” rating for the company in a report on Friday, March 21st. William Blair reissued an “outperform” rating on shares of Skye Bioscience in a report on Friday, March 21st.

Skye Bioscience Stock Down 5.4%

Shares of SKYE opened at $1.94 on Wednesday. The stock has a 50 day moving average price of $1.74 and a 200 day moving average price of $2.20. The company has a market capitalization of $60.09 million, a price-to-earnings ratio of -2.37 and a beta of 1.74. Skye Bioscience has a 52-week low of $1.14 and a 52-week high of $13.44.

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SKYE. Braidwell LP purchased a new position in Skye Bioscience in the fourth quarter worth $2,337,000. Schonfeld Strategic Advisors LLC raised its position in Skye Bioscience by 48.3% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 1,422,741 shares of the company’s stock worth $4,026,000 after acquiring an additional 463,644 shares in the last quarter. Deutsche Bank AG raised its position in Skye Bioscience by 365.0% in the fourth quarter. Deutsche Bank AG now owns 40,835 shares of the company’s stock worth $116,000 after acquiring an additional 32,054 shares in the last quarter. Jane Street Group LLC raised its position in Skye Bioscience by 195.5% in the fourth quarter. Jane Street Group LLC now owns 36,057 shares of the company’s stock worth $102,000 after acquiring an additional 23,857 shares in the last quarter. Finally, Nuveen LLC purchased a new position in Skye Bioscience in the first quarter worth $37,000. 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.