HC Wainwright Comments on Skye Bioscience FY2030 Earnings

Skye Bioscience, Inc. (NASDAQ:SKYE) – HC Wainwright issued their FY2030 earnings per share (EPS) estimates for Skye Bioscience in a report released on Wednesday, March 11th. HC Wainwright analyst A. Ghosh forecasts that the company will earn ($0.60) per share for the year. The consensus estimate for Skye Bioscience’s current full-year earnings is ($1.04) per share.

SKYE has been the topic of a number of other reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Skye Bioscience in a research note on Monday, December 29th. Citigroup restated a “market outperform” rating on shares of Skye Bioscience in a research report on Monday, January 5th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Skye Bioscience presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.80.

Skye Bioscience Stock Performance

Shares of Skye Bioscience stock opened at $0.72 on Thursday. Skye Bioscience has a one year low of $0.61 and a one year high of $5.75. The company has a market cap of $23.12 million, a P/E ratio of -0.52 and a beta of 2.86. The firm has a fifty day moving average of $0.86 and a two-hundred day moving average of $1.69.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings data on Tuesday, March 10th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.07).

Institutional Investors Weigh In On Skye Bioscience

Several institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP acquired a new position in shares of Skye Bioscience during the 3rd quarter worth $53,000. Vanguard Group Inc. lifted its stake in shares of Skye Bioscience by 5.3% in the third quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock valued at $3,469,000 after purchasing an additional 44,824 shares during the period. Marshall Wace LLP purchased a new stake in Skye Bioscience during the second quarter worth about $436,000. Two Sigma Investments LP boosted its holdings in Skye Bioscience by 46.2% during the third 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 in the last quarter. Finally, Qube Research & Technologies Ltd acquired a new position in Skye Bioscience during the second quarter worth about $218,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

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.