Skye Bioscience (NASDAQ:SKYE) Announces Earnings Results

Skye Bioscience (NASDAQ:SKYE) posted its quarterly earnings results on Tuesday. The company reported ($0.36) earnings per share for the quarter, FiscalAI reports.

Skye Bioscience Stock Performance

Shares of SKYE stock traded up $0.07 on Tuesday, hitting $0.80. 16,787,766 shares of the stock traded hands, compared to its average volume of 662,894. Skye Bioscience has a twelve month low of $0.68 and a twelve month high of $5.75. The firm’s 50-day moving average price is $0.86 and its two-hundred day moving average price is $1.71. The stock has a market capitalization of $25.61 million, a PE ratio of -0.62 and a beta of 2.86.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Citigroup reissued a “market outperform” rating on shares of Skye Bioscience in a research note on Monday, January 5th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Skye Bioscience in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $9.80.

Hedge Funds Weigh In On Skye Bioscience

A number of institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC raised its position 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 valued at $46,000 after purchasing an additional 5,989 shares during the period. Capital Advisors Inc. OK purchased a new position in shares of Skye Bioscience during the third quarter worth $39,000. Millington Financial Advisors LLC acquired a new stake in shares of Skye Bioscience in the second quarter valued at $44,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Skye Bioscience in the second quarter valued at $42,000. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of Skye Bioscience in the 3rd quarter valued at $53,000. 21.09% of the stock is 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.