Skye Bioscience (NASDAQ:SKYE) Price Target Cut to $14.00 by Analysts at Craig Hallum

Skye Bioscience (NASDAQ:SKYE) had its target price cut by investment analysts at Craig Hallum from $18.00 to $14.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock.

Separately, William Blair reissued an “outperform” rating on shares of Skye Bioscience in a research note on Friday. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $18.00.

Skye Bioscience Trading Up 14.3 %

NASDAQ:SKYE traded up $0.27 during mid-day trading on Friday, hitting $2.16. The stock had a trading volume of 468,507 shares, compared to its average volume of 211,183. Skye Bioscience has a twelve month low of $1.83 and a twelve month high of $17.65. The company’s 50 day simple moving average is $2.69 and its 200 day simple moving average is $2.84.

Skye Bioscience (NASDAQ:SKYE) last issued its earnings results on Thursday, March 20th. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.06. During the same quarter last year, the business posted ($0.36) earnings per share. Sell-side analysts forecast that Skye Bioscience will post -1.04 earnings per share for the current year.

Institutional Trading of Skye Bioscience

Several hedge funds and other institutional investors have recently modified their holdings of the business. Virtu Financial LLC bought a new stake in Skye Bioscience during the 4th quarter worth approximately $29,000. Wells Fargo & Company MN increased its holdings in shares of Skye Bioscience by 49.0% in the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock worth $32,000 after buying an additional 3,684 shares during the last quarter. Two Sigma Advisers LP bought a new position in shares of Skye Bioscience in the 4th quarter worth $32,000. Jane Street Group LLC bought a new position in shares of Skye Bioscience in the 3rd quarter worth $48,000. Finally, Squarepoint Ops LLC bought a new position in shares of Skye Bioscience in the 4th quarter worth $38,000. 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.