Skye Bioscience, Inc. (NASDAQ:SKYE) Given Average Rating of “Moderate Buy” by Brokerages

Skye Bioscience, Inc. (NASDAQ:SKYE) has been assigned a consensus recommendation of “Moderate Buy” from the seven analysts that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $9.80.

Skye Bioscience Stock Up 0.2%

SKYE opened at $0.71 on Thursday. Skye Bioscience has a twelve month low of $0.57 and a twelve month high of $5.75. The company has a fifty day moving average of $0.80 and a 200-day moving average of $0.83. The stock has a market cap of $24.91 million, a PE ratio of -0.49 and a beta of 2.95.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.03). Sell-side analysts anticipate that Skye Bioscience will post -1.07 EPS for the current fiscal year.

Institutional Investors Weigh In On Skye Bioscience

Several large investors have recently modified their holdings of the company. Tower Research Capital LLC TRC increased its position in shares of Skye Bioscience by 121.3% during the second quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after buying an additional 5,989 shares during the period. Dimensional Fund Advisors LP acquired a new stake in shares of Skye Bioscience during the 3rd quarter worth approximately $53,000. Two Sigma Investments LP grew its position in shares of Skye Bioscience by 46.2% during the 3rd quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock worth $363,000 after buying an additional 29,163 shares during the period. Vanguard Group Inc. grew its position in shares of Skye Bioscience by 5.3% during the 3rd quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock worth $3,469,000 after buying an additional 44,824 shares during the period. Finally, Qube Research & Technologies Ltd acquired a new stake in shares of Skye Bioscience during the 2nd quarter worth approximately $218,000. 21.09% of the stock is currently owned by institutional investors and hedge funds.

Skye Bioscience Company Profile

Skye Bioscience, Inc is a clinical-stage biotechnology company focused on the development of novel, selective cannabinoid type 1 (CB1) receptor modulators for the treatment of ocular diseases. Headquartered in Sunnyvale, California, Skye Bioscience leverages proprietary chemistry and formulation expertise to design and optimize compounds with high potency, tissue selectivity and favorable drug-like properties. The company’s lead product candidate is being evaluated for the treatment of glaucoma and other ophthalmic conditions characterized by elevated intraocular pressure.

Skye Bioscience’s pipeline centers on synthetic cannabinoids engineered to avoid central nervous system side effects commonly associated with traditional cannabinoid therapies.