Cantor Fitzgerald Forecasts Skye Bioscience FY2025 Earnings

Skye Bioscience, Inc. (NASDAQ:SKYE) – Investment analysts at Cantor Fitzgerald issued their FY2025 earnings per share estimates for Skye Bioscience in a research note issued to investors on Tuesday, January 21st. Cantor Fitzgerald analyst K. Kluska anticipates that the company will earn ($1.14) per share for the year. The consensus estimate for Skye Bioscience’s current full-year earnings is ($1.04) per share.

Separately, Scotiabank started coverage on shares of Skye Bioscience in a report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 target price on the stock. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $18.67.

Skye Bioscience Price Performance

SKYE stock opened at $2.61 on Wednesday. Skye Bioscience has a one year low of $2.25 and a one year high of $19.41. The company’s 50 day moving average price is $2.75 and its two-hundred day moving average price is $3.89.

Insider Transactions at Skye Bioscience

In other news, CEO Punit Dhillon sold 82,546 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $411,904.54. Following the completion of the sale, the chief executive officer now directly owns 329,823 shares in the company, valued at approximately $1,645,816.77. This represents a 20.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kaitlyn Arsenault sold 43,206 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $215,597.94. Following the completion of the sale, the chief financial officer now directly owns 166,342 shares in the company, valued at $830,046.58. The trade was a 20.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 232,431 shares of company stock worth $1,160,360. Insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On Skye Bioscience

A number of hedge funds and other institutional investors have recently made changes to their positions in SKYE. Cubist Systematic Strategies LLC purchased a new position in Skye Bioscience during the 2nd quarter valued at $30,000. Point72 DIFC Ltd bought a new stake in shares of Skye Bioscience during the 2nd quarter valued at about $48,000. Jane Street Group LLC purchased a new position in shares of Skye Bioscience during the third quarter valued at about $48,000. Rhumbline Advisers bought a new position in Skye Bioscience in the second quarter worth about $158,000. Finally, BNP Paribas Financial Markets lifted its holdings in Skye Bioscience by 71.1% in the third quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock worth $185,000 after buying an additional 19,704 shares during the period. Institutional investors 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.