Analysts Set Skye Bioscience, Inc. (NASDAQ:SKYE) Target Price at $9.80

Skye Bioscience, Inc. (NASDAQ:SKYE) has received a consensus rating of “Moderate Buy” from the eight research firms that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $9.80.

A number of equities research analysts have recently weighed in on SKYE shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Skye Bioscience in a report on Monday, December 29th. Citigroup reiterated a “market outperform” rating on shares of Skye Bioscience in a research note on Monday, January 5th.

Skye Bioscience Stock Performance

Shares of SKYE stock opened at $0.74 on Friday. The stock has a market capitalization of $23.72 million, a price-to-earnings ratio of -0.58 and a beta of 2.87. Skye Bioscience has a one year low of $0.68 and a one year high of $5.75. The company’s 50-day simple moving average is $0.92 and its 200-day simple moving average is $1.98.

Hedge Funds Weigh In On Skye Bioscience

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Skye Bioscience by 5.3% during the 3rd quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock worth $3,469,000 after purchasing an additional 44,824 shares during the period. Marshall Wace LLP acquired a new stake in Skye Bioscience in the second quarter worth $436,000. Two Sigma Investments LP lifted its stake in Skye Bioscience by 46.2% in the third quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock valued at $363,000 after buying an additional 29,163 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in shares of Skye Bioscience during the second quarter valued at $218,000. Finally, Capital Advisors Wealth Management LLC grew its position in shares of Skye Bioscience by 143.1% during the second quarter. Capital Advisors Wealth Management LLC now owns 50,800 shares of the company’s stock worth $212,000 after acquiring an additional 29,900 shares during the last quarter. 21.09% of the stock is currently owned by institutional investors and hedge funds.

About Skye Bioscience

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.