Scotiabank Initiates Coverage on Skye Bioscience (NASDAQ:SKYE)

Equities researchers at Scotiabank began coverage on shares of Skye Bioscience (NASDAQ:SKYE) in a research note issued to investors on Monday, Marketbeat Ratings reports. The firm set a “sector outperform” rating and a $20.00 price target on the stock. Scotiabank’s price objective indicates a potential upside of 442.01% from the company’s current price.

A number of other equities research analysts have also issued reports on SKYE. JMP Securities assumed coverage on Skye Bioscience in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 target price on the stock. Craig Hallum started coverage on shares of Skye Bioscience in a research note on Tuesday, July 9th. They set a “buy” rating and a $18.00 price objective on the stock. Piper Sandler reissued an “overweight” rating and set a $20.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $14.00 price objective on shares of Skye Bioscience in a research report on Friday, September 20th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Skye Bioscience has a consensus rating of “Buy” and a consensus target price of $18.67.

Skye Bioscience Stock Down 5.6 %

Shares of NASDAQ SKYE opened at $3.69 on Monday. The stock has a fifty day moving average price of $5.28 and a 200 day moving average price of $5.77. Skye Bioscience has a 1-year low of $1.44 and a 1-year high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings data on Friday, August 9th. The company reported ($0.20) EPS for the quarter, meeting the consensus estimate of ($0.20). As a group, sell-side analysts expect that Skye Bioscience will post -1.06 EPS for the current fiscal year.

Insider Activity at Skye Bioscience

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SKYE. Logos Global Management LP acquired a new position in shares of Skye Bioscience in the 2nd quarter valued at approximately $10,425,000. CVI Holdings LLC acquired a new position in Skye Bioscience during the 2nd quarter worth $5,445,000. Driehaus Capital Management LLC bought a new stake in shares of Skye Bioscience in the 2nd quarter worth about $5,213,000. Point72 Asset Management L.P. acquired a new stake in shares of Skye Bioscience in the 2nd quarter valued at about $4,486,000. Finally, Perceptive Advisors LLC bought a new position in shares of Skye Bioscience during the second quarter worth about $4,005,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

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.