Skye Bioscience, Inc. (NASDAQ:SKYE) Receives $18.67 Average Target Price from Brokerages

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have received an average rating of “Buy” from the six research firms that are covering the company, Marketbeat reports. Six research analysts have rated the stock with a buy recommendation. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $18.67.

Several research firms have recently weighed in on SKYE. Piper Sandler reissued an “overweight” rating and set a $20.00 price target on shares of Skye Bioscience in a report on Friday, September 20th. Cantor Fitzgerald reissued an “overweight” rating and issued a $14.00 target price on shares of Skye Bioscience in a report on Friday, September 20th. Scotiabank began coverage on Skye Bioscience in a research note on Monday, September 30th. They set a “sector outperform” rating and a $20.00 price target for the company. Finally, JMP Securities started coverage on shares of Skye Bioscience in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price objective on the stock.

Skye Bioscience Stock Performance

Shares of Skye Bioscience stock opened at $4.56 on Tuesday. Skye Bioscience has a twelve month low of $1.44 and a twelve month high of $19.41. The company’s 50 day moving average is $5.07 and its 200 day moving average is $5.01.

Insider Transactions at Skye Bioscience

In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of the firm’s stock in a transaction dated 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 directly owns 66,277 shares of the company’s stock, valued at $401,638.62. This trade represents a 17.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On Skye Bioscience

Hedge funds have recently made changes to their positions in the business. Sphera Funds Management LTD. raised its stake in Skye Bioscience by 20.4% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock valued at $6,113,000 after purchasing an additional 265,210 shares during the period. Baker BROS. Advisors LP raised its position in shares of Skye Bioscience by 186.9% during the third quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock valued at $5,609,000 after buying an additional 934,634 shares during the last quarter. Logos Global Management LP purchased a new position in shares of Skye Bioscience in the second quarter worth $10,425,000. CVI Holdings LLC bought a new position in shares of Skye Bioscience during the second quarter worth $5,445,000. Finally, Driehaus Capital Management LLC purchased a new position in Skye Bioscience during the second quarter valued at $5,213,000. 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.