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

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

A number of brokerages have recently issued reports on SKYE. Citigroup reaffirmed a “market outperform” rating on shares of Skye Bioscience in a research report on Monday, January 5th. Weiss Ratings restated a “sell (e+)” rating on shares of Skye Bioscience in a research note on Monday, December 29th.

Skye Bioscience Stock Down 6.6%

NASDAQ SKYE opened at $0.66 on Tuesday. Skye Bioscience has a 52 week low of $0.61 and a 52 week high of $5.75. The company has a 50 day moving average price of $0.86 and a 200 day moving average price of $1.65. The firm has a market cap of $22.04 million, a PE ratio of -0.47 and a beta of 2.86.

Skye Bioscience (NASDAQ:SKYE) last posted its earnings results on Tuesday, March 10th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.07). On average, equities research analysts anticipate that Skye Bioscience will post -1.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Skye Bioscience

A number of large investors have recently modified their holdings of SKYE. Vanguard Group Inc. raised its position in shares of Skye Bioscience by 5.3% in the 3rd 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 last quarter. Marshall Wace LLP acquired a new stake in Skye Bioscience in the 2nd quarter worth approximately $436,000. Two Sigma Investments LP grew its position in 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 purchasing an additional 29,163 shares during the last quarter. Qube Research & Technologies Ltd purchased a new stake in Skye Bioscience during the 2nd quarter worth approximately $218,000. Finally, Dimensional Fund Advisors LP acquired a new position in Skye Bioscience during the 3rd quarter valued at approximately $53,000. Hedge funds and other institutional investors own 21.09% of the company’s stock.

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.