Skye Bioscience (NASDAQ:SKYE) Trading 9.1% Higher

Skye Bioscience, Inc. (NASDAQ:SKYE) traded up 9.1% on Wednesday . The stock traded as high as $6.33 and last traded at $6.09. 265,662 shares changed hands during trading, a decline of 36% from the average session volume of 416,084 shares. The stock had previously closed at $5.58.

Analyst Ratings Changes

Several analysts recently weighed in on SKYE shares. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price objective on shares of Skye Bioscience in a research report on Monday, July 1st. Oppenheimer started coverage on shares of Skye Bioscience in a research note on Friday, April 12th. They set an “outperform” rating and a $25.00 target price on the stock. Piper Sandler restated an “overweight” rating and set a $20.00 price objective (up previously from $12.00) on shares of Skye Bioscience in a research report on Thursday, March 14th. Finally, Craig Hallum initiated coverage on Skye Bioscience in a research report on Tuesday. They issued a “buy” rating and a $18.00 target price for the company.

Skye Bioscience Stock Performance

The company’s 50 day moving average price is $8.54 and its 200-day moving average price is $11.32.

Skye Bioscience (NASDAQ:SKYE) last announced its earnings results on Friday, May 10th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.02). On average, sell-side analysts forecast that Skye Bioscience, Inc. will post -0.95 EPS for the current fiscal year.

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.