Skye Bioscience, Inc. (NASDAQ:SKYE) Receives $18.00 Consensus Price Target from Analysts

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have been given an average rating of “Buy” by the seven analysts that are currently covering the firm, MarketBeat.com reports. Seven equities research analysts have rated the stock with a buy rating. The average 12 month price target among brokers that have issued a report on the stock in the last year is $18.00.

Several research firms have recently issued reports on SKYE. William Blair restated an “outperform” rating on shares of Skye Bioscience in a report on Friday. Craig Hallum cut their price target on shares of Skye Bioscience from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday.

Skye Bioscience Trading Up 4.4 %

Shares of SKYE stock opened at $2.35 on Tuesday. Skye Bioscience has a 12-month low of $1.83 and a 12-month high of $17.65. The business’s fifty day simple moving average is $2.63 and its 200-day simple moving average is $2.80. The company has a market cap of $71.29 million, a PE ratio of -3.26 and a beta of 1.71.

Skye Bioscience (NASDAQ:SKYE) last announced its earnings results on Thursday, March 20th. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.06. During the same period in the previous year, the company earned ($0.36) EPS. On average, equities analysts forecast that Skye Bioscience will post -1.04 earnings per share for the current year.

Hedge Funds Weigh In On Skye Bioscience

Several hedge funds and other institutional investors have recently bought and sold shares of SKYE. Virtu Financial LLC acquired a new stake in Skye Bioscience during the 4th quarter valued at approximately $29,000. Wells Fargo & Company MN raised its holdings in shares of Skye Bioscience by 49.0% during the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock worth $32,000 after purchasing an additional 3,684 shares during the last quarter. Two Sigma Advisers LP acquired a new position in Skye Bioscience during the fourth quarter valued at $32,000. Jane Street Group LLC purchased a new stake in Skye Bioscience in the third quarter valued at $48,000. Finally, Squarepoint Ops LLC acquired a new stake in Skye Bioscience during the 4th quarter worth about $38,000. Institutional investors and hedge funds 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.