Skye Bioscience, Inc. (NASDAQ:SKYE) Receives $8.50 Average Price Target from Brokerages

Skye Bioscience, Inc. (NASDAQ:SKYE) has received a consensus recommendation of “Moderate Buy” from the six ratings firms that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $8.50.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Skye Bioscience in a report on Friday, July 10th.

Skye Bioscience Stock Performance

Shares of NASDAQ:SKYE opened at $0.65 on Monday. The firm’s 50 day simple moving average is $0.74 and its 200-day simple moving average is $0.79. Skye Bioscience has a one year low of $0.57 and a one year high of $4.99. The firm has a market cap of $22.82 million, a PE ratio of -0.45 and a beta of 2.94.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.03). Equities research analysts predict that Skye Bioscience will post -1.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SKYE. Vanguard Group Inc. raised its holdings in shares of Skye Bioscience by 5.3% in the 3rd quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock valued at $3,469,000 after purchasing an additional 44,824 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Skye Bioscience during the second quarter valued at approximately $436,000. Two Sigma Investments LP increased its holdings in Skye Bioscience by 46.2% during 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 period. XTX Topco Ltd purchased a new position in Skye Bioscience during the fourth quarter valued at approximately $40,000. Finally, Qube Research & Technologies Ltd bought a new position in Skye Bioscience in the second quarter worth approximately $218,000. 21.09% of the stock is currently owned by institutional investors.

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.