Skye Bioscience, Inc. (NASDAQ:SKYE) Receives Average Recommendation of “Buy” from Analysts

Skye Bioscience, Inc. (NASDAQ:SKYE) has received an average rating of “Buy” from the six research firms that are covering the stock, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy recommendation. The average 1 year price target among brokers that have issued a report on the stock in the last year is $18.67.

A number of brokerages recently weighed in on SKYE. Scotiabank initiated coverage on Skye Bioscience in a research note on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 price objective on the stock. JMP Securities began coverage on shares of Skye Bioscience in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price target on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 price objective on shares of Skye Bioscience in a research note on Friday, September 20th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $20.00 target price on shares of Skye Bioscience in a research note on Friday, September 20th.

Skye Bioscience Stock Performance

NASDAQ SKYE opened at $4.56 on Tuesday. Skye Bioscience has a fifty-two week low of $1.44 and a fifty-two week high of $19.41. The stock’s 50-day moving average is $5.07 and its two-hundred day moving average is $5.01.

Insider Activity

In related news, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total value of $1,666,500.00. Following the completion of the sale, the director now owns 66,356 shares in the company, valued at approximately $437,949.60. This trade represents a 79.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Skye Bioscience

Several institutional investors and hedge funds have recently added to or reduced their stakes in SKYE. Cubist Systematic Strategies LLC acquired a new stake in shares of Skye Bioscience during the 2nd quarter worth approximately $30,000. Point72 DIFC Ltd bought a new position in Skye Bioscience in the second quarter worth $48,000. Jane Street Group LLC acquired a new stake in Skye Bioscience during the third quarter worth $48,000. Rhumbline Advisers bought a new stake in Skye Bioscience in the 2nd quarter valued at $158,000. Finally, BNP Paribas Financial Markets raised its stake in shares of Skye Bioscience by 71.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock valued at $185,000 after buying an additional 19,704 shares in the last quarter. 21.09% of the stock is currently owned by institutional investors.

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.