Skye Bioscience (NASDAQ:SKYE) Earns Sector Outperform Rating from Analysts at Scotiabank

Scotiabank started coverage on shares of Skye Bioscience (NASDAQ:SKYE) in a report released on Monday, MarketBeat.com reports. The firm issued a sector outperform rating and a $20.00 price objective on the stock.

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

Skye Bioscience Trading Down 5.6 %

NASDAQ:SKYE opened at $3.69 on Monday. The stock has a 50-day simple moving average of $5.28 and a 200 day simple moving average of $5.77. Skye Bioscience has a 52-week low of $1.44 and a 52-week high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings data on Friday, August 9th. The company reported ($0.20) EPS for the quarter, hitting analysts’ consensus estimates of ($0.20). As a group, analysts forecast that Skye Bioscience will post -1.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Skye Bioscience

In other news, 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 transaction of $83,852.22. Following the completion of the sale, the director now owns 66,277 shares of the company’s stock, valued at $401,638.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Andrew J. Schwab sold 13,837 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $6.06, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $1,666,500.00. Following the completion of the transaction, the director now directly owns 66,356 shares of the company’s stock, valued at $437,949.60. The disclosure for this sale can be found here. Insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Skye Bioscience

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

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.