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

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have been assigned a consensus rating of “Moderate Buy” from the eight brokerages that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $9.80.

A number of equities analysts have issued reports on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Skye Bioscience in a report on Monday, December 29th. Citigroup restated a “market outperform” rating on shares of Skye Bioscience in a report on Monday, January 5th.

Skye Bioscience Price Performance

Shares of SKYE stock opened at $0.71 on Friday. The business’s 50 day simple moving average is $0.73 and its 200 day simple moving average is $1.25. Skye Bioscience has a one year low of $0.57 and a one year high of $5.75. The stock has a market capitalization of $23.61 million, a PE ratio of -0.51 and a beta of 2.87.

Skye Bioscience (NASDAQ:SKYE) last issued its quarterly earnings results on Tuesday, March 10th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.07). As a group, research analysts expect that Skye Bioscience will post -1.04 earnings per share for the current year.

Hedge Funds Weigh In On Skye Bioscience

Institutional investors and hedge funds have recently modified their holdings of the business. Capital Advisors Inc. OK bought a new position in shares of Skye Bioscience during the 3rd quarter worth approximately $39,000. XTX Topco Ltd bought a new position in shares of Skye Bioscience during the 4th quarter worth approximately $40,000. Tower Research Capital LLC TRC boosted its holdings in shares of Skye Bioscience by 121.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after buying an additional 5,989 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in shares of Skye Bioscience during the 3rd quarter worth approximately $53,000. Finally, Capital Advisors Wealth Management LLC boosted its holdings in shares of Skye Bioscience by 143.1% during the 2nd quarter. Capital Advisors Wealth Management LLC now owns 50,800 shares of the company’s stock worth $212,000 after buying an additional 29,900 shares in the last quarter. 21.09% of the stock is currently owned by institutional investors.

Skye Bioscience Company Profile

Skye Bioscience, Inc is a clinical-stage biotechnology company focused on the development of novel, selective cannabinoid type 1 (CB1) receptor modulators for the treatment of ocular diseases. Headquartered in Sunnyvale, California, Skye Bioscience leverages proprietary chemistry and formulation expertise to design and optimize compounds with high potency, tissue selectivity and favorable drug-like properties. The company’s lead product candidate is being evaluated for the treatment of glaucoma and other ophthalmic conditions characterized by elevated intraocular pressure.

Skye Bioscience’s pipeline centers on synthetic cannabinoids engineered to avoid central nervous system side effects commonly associated with traditional cannabinoid therapies.