Skye Bioscience, Inc. (NASDAQ:SKYE) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have been assigned a consensus recommendation of “Buy” from the six brokerages that are covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a buy recommendation. The average 12 month price objective among analysts that have covered the stock in the last year is $18.67.

SKYE has been the topic of several recent research reports. JMP Securities started coverage on Skye Bioscience in a report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price target on the stock. Scotiabank assumed coverage on Skye Bioscience in a report on Monday. They issued a “sector outperform” rating and a $20.00 target price on the stock. Craig Hallum started coverage on shares of Skye Bioscience in a report on Tuesday, July 9th. They set a “buy” rating and a $18.00 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $14.00 price objective on shares of Skye Bioscience in a report on Friday, September 20th. Finally, Piper Sandler restated an “overweight” rating and issued a $20.00 target price on shares of Skye Bioscience in a report on Friday, September 20th.

Skye Bioscience Stock Up 3.5 %

Shares of NASDAQ:SKYE traded up $0.13 during mid-day trading on Monday, hitting $3.88. The company had a trading volume of 60,349 shares, compared to its average volume of 166,635. Skye Bioscience has a one year low of $1.44 and a one year high of $19.41. The company has a fifty day moving average of $5.50.

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

Insider Buying and Selling at Skye Bioscience

In related news, Director Andrew J. Schwab sold 252,500 shares of Skye Bioscience stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the sale, the director now directly owns 66,356 shares in the company, valued at $437,949.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Andrew J. Schwab sold 252,500 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the completion of the sale, the director now directly owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Andrew J. Schwab sold 13,837 shares of Skye Bioscience stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.06, for a total value of $83,852.22. Following the sale, the director now owns 66,277 shares in the company, valued at $401,638.62. The disclosure for this sale can be found here. Company insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Cubist Systematic Strategies LLC purchased a new position in Skye Bioscience in the second quarter valued at approximately $30,000. Point72 DIFC Ltd bought a new position in shares of Skye Bioscience during the 2nd quarter worth $48,000. Rhumbline Advisers purchased a new stake in Skye Bioscience in the 2nd quarter worth about $158,000. AdvisorShares Investments LLC bought a new stake in Skye Bioscience in the 2nd quarter valued at about $210,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Skye Bioscience during the second quarter worth about $222,000. 21.09% of the stock is owned by institutional investors.

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.