Skye Bioscience, Inc. (NASDAQ:SKYE) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Skye Bioscience, Inc. (NASDAQ:SKYE) has received an average rating of “Moderate Buy” from the seven ratings firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $9.80.

A number of research firms recently commented on SKYE. Evercore ISI raised Skye Bioscience to a “strong-buy” rating in a report on Friday, August 15th. Cantor Fitzgerald cut shares of Skye Bioscience from an “overweight” rating to a “neutral” rating and set a $2.00 price objective for the company. in a research note on Monday, October 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Skye Bioscience in a research note on Wednesday, October 8th. Craig Hallum cut shares of Skye Bioscience from a “buy” rating to a “hold” rating and set a $2.00 target price for the company. in a report on Monday, October 6th. Finally, HC Wainwright assumed coverage on shares of Skye Bioscience in a report on Tuesday, September 30th. They issued a “buy” rating and a $20.00 price target on the stock.

Skye Bioscience Price Performance

Shares of SKYE opened at $1.53 on Wednesday. The company’s fifty day moving average price is $2.75 and its 200-day moving average price is $2.95. Skye Bioscience has a 1-year low of $1.14 and a 1-year high of $5.96. The firm has a market capitalization of $47.41 million, a PE ratio of -1.44 and a beta of 2.28.

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

Insider Transactions at Skye Bioscience

In related news, Director Andrew J. Schwab sold 170,449 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $3.42, for a total transaction of $582,935.58. Following the sale, the director directly owned 57,493 shares of the company’s stock, valued at $196,626.06. This trade represents a 74.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder 5Am Partners Vii, Llc sold 170,449 shares of Skye Bioscience stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $3.42, for a total value of $582,935.58. Following the transaction, the insider owned 57,493 shares of the company’s stock, valued at approximately $196,626.06. This represents a 74.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 462,810 shares of company stock worth $1,601,097 in the last 90 days. Company insiders own 3.00% of the company’s stock.

Institutional Trading of Skye Bioscience

A number of hedge funds have recently added to or reduced their stakes in the company. Nuveen LLC purchased a new position in Skye Bioscience in the first quarter valued at $37,000. Capital Advisors Inc. OK acquired a new stake in shares of Skye Bioscience during the 3rd quarter valued at about $39,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Skye Bioscience in the 2nd quarter valued at about $42,000. Millington Financial Advisors LLC acquired a new position in Skye Bioscience in the 2nd quarter worth about $44,000. Finally, Tower Research Capital LLC TRC boosted its position in Skye Bioscience by 121.3% during the second quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after purchasing an additional 5,989 shares in the last quarter. 21.09% of the stock is owned by hedge funds and other institutional investors.

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.