Skye Bioscience (NASDAQ:SKYE) Rating Reiterated by Cantor Fitzgerald

Cantor Fitzgerald restated their overweight rating on shares of Skye Bioscience (NASDAQ:SKYE) in a report published on Friday, Benzinga reports. They currently have a $14.00 target price on the stock.

Separately, Craig Hallum assumed coverage on shares of Skye Bioscience in a research note on Tuesday, July 9th. They set a buy rating and a $18.00 price target on the stock.

Skye Bioscience Stock Up 8.7 %

Skye Bioscience stock opened at $6.35 on Friday. Skye Bioscience has a 12-month low of $1.44 and a 12-month high of $19.41. The firm’s fifty day moving average price is $5.52 and its 200 day moving average price is $6.96.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings results on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). Equities analysts anticipate that Skye Bioscience will post -1.06 EPS for the current year.

Institutional Investors Weigh In On Skye Bioscience

Several hedge funds and other institutional investors have recently modified their holdings of SKYE. Bank of New York Mellon Corp bought a new stake in shares of Skye Bioscience in the 2nd quarter worth about $471,000. Rhumbline Advisers bought a new stake in shares of Skye Bioscience in the 2nd quarter worth about $158,000. AdvisorShares Investments LLC bought a new stake in shares of Skye Bioscience in the 2nd quarter worth about $210,000. Logos Global Management LP bought a new stake in shares of Skye Bioscience in the 2nd quarter worth about $10,425,000. Finally, Point72 DIFC Ltd bought a new stake in shares of Skye Bioscience in the 2nd quarter worth about $48,000. Institutional investors own 21.09% of the company’s stock.

Skye Bioscience Company Profile

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.