Skye Bioscience, Inc. (NASDAQ:SKYE) Receives $16.60 Average Price Target from Brokerages

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have been assigned a consensus recommendation of “Buy” from the six research firms that are covering the stock, MarketBeat Ratings reports. Six research analysts have rated the stock with a buy rating. The average 12 month target price among brokerages that have covered the stock in the last year is $16.60.

Several research analysts have recently commented on SKYE shares. William Blair reiterated an “outperform” rating on shares of Skye Bioscience in a report on Friday, March 21st. Craig Hallum reduced their price target on Skye Bioscience from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, March 21st.

Skye Bioscience Stock Performance

SKYE stock opened at $1.87 on Wednesday. The company has a market capitalization of $57.92 million, a PE ratio of -2.28 and a beta of 1.74. Skye Bioscience has a one year low of $1.14 and a one year high of $12.77. The company’s 50 day moving average price is $1.81 and its two-hundred day moving average price is $2.14.

Skye Bioscience (NASDAQ:SKYE) last issued its earnings results on Thursday, May 8th. The company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.03. On average, research analysts predict that Skye Bioscience will post -1.04 EPS for the current year.

Institutional Investors Weigh In On Skye Bioscience

Large investors have recently added to or reduced their stakes in the company. Nuveen LLC bought a new position in shares of Skye Bioscience during the first quarter valued at about $37,000. Capital Advisors Wealth Management LLC bought a new stake in shares of Skye Bioscience in the first quarter worth about $33,000. Squarepoint Ops LLC purchased a new position in Skye Bioscience during the 4th quarter valued at about $38,000. Two Sigma Advisers LP purchased a new position in Skye Bioscience during the 4th quarter valued at about $32,000. Finally, Deutsche Bank AG raised its position in Skye Bioscience by 365.0% during the 4th quarter. Deutsche Bank AG now owns 40,835 shares of the company’s stock valued at $116,000 after purchasing an additional 32,054 shares during the last quarter. 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.