Analysts Set Skye Bioscience, Inc. (NASDAQ:SKYE) Price Target at $9.80

Skye Bioscience, Inc. (NASDAQ:SKYE) has been assigned an average rating of “Moderate Buy” from the eight research firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $9.80.

Institutional Investors Weigh In On Skye Bioscience

Institutional investors and hedge funds have recently modified their holdings of the stock. Capital Advisors Inc. OK purchased a new position in shares of Skye Bioscience in the 3rd quarter valued at approximately $39,000. XTX Topco Ltd bought a new stake in Skye Bioscience during the fourth quarter worth about $40,000. Tower Research Capital LLC TRC grew its holdings in Skye Bioscience by 121.3% in the second quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after purchasing an additional 5,989 shares during the period. Dimensional Fund Advisors LP bought a new position in shares of Skye Bioscience during the third quarter valued at approximately $53,000. Finally, Qube Research & Technologies Ltd purchased a new position in shares of Skye Bioscience during the second quarter valued at approximately $218,000. 21.09% of the stock is owned by hedge funds and other institutional investors.

Skye Bioscience Price Performance

Shares of SKYE stock opened at $0.88 on Wednesday. Skye Bioscience has a 1-year low of $0.57 and a 1-year high of $5.75. The stock has a market capitalization of $30.82 million, a PE ratio of -0.63 and a beta of 3.03. The business has a 50-day moving average of $0.75 and a 200 day moving average of $0.98.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings results on Tuesday, March 10th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.07). Analysts anticipate that Skye Bioscience will post -1.06 EPS for the current year.

About Skye Bioscience

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.