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

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have been assigned a consensus recommendation of “Buy” from the six brokerages that are currently covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a buy recommendation. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $16.60.

A number of research analysts recently weighed in on the stock. William Blair reaffirmed an “outperform” rating on shares of Skye Bioscience in a research report on Friday, March 21st. Craig Hallum cut their price target on shares of Skye Bioscience from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, March 21st.

Skye Bioscience Stock Performance

Shares of Skye Bioscience stock opened at $1.87 on Wednesday. The firm has a market cap of $57.92 million, a PE ratio of -2.28 and a beta of 1.74. The business’s 50 day simple moving average is $1.81 and its 200 day simple moving average is $2.14. Skye Bioscience has a 52-week low of $1.14 and a 52-week high of $12.77.

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

Institutional Investors Weigh In On Skye Bioscience

Several hedge funds have recently bought and sold shares of SKYE. Virtu Financial LLC acquired a new position in shares of Skye Bioscience in the fourth quarter valued at about $29,000. Wells Fargo & Company MN increased its holdings in Skye Bioscience by 49.0% in the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock worth $32,000 after purchasing an additional 3,684 shares in the last quarter. Two Sigma Advisers LP acquired a new position in Skye Bioscience in the fourth quarter valued at approximately $32,000. Capital Advisors Wealth Management LLC bought a new position in shares of Skye Bioscience during the 1st quarter worth approximately $33,000. Finally, Nuveen LLC bought a new position in shares of Skye Bioscience during the 1st quarter worth approximately $37,000. 21.09% of the stock is currently owned by institutional investors and hedge funds.

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.