Skye Bioscience, Inc. (NASDAQ:SKYE) Receives $9.80 Average Price Target from Analysts

Skye Bioscience, Inc. (NASDAQ:SKYE) has earned a consensus rating of “Moderate Buy” from the six research firms that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $8.50.

Skye Bioscience Stock Down 3.0%

Shares of Skye Bioscience stock opened at $0.68 on Thursday. The stock has a market capitalization of $23.86 million, a P/E ratio of -0.47 and a beta of 2.95. The company has a 50-day simple moving average of $0.80 and a 200 day simple moving average of $0.83. Skye Bioscience has a 12-month low of $0.57 and a 12-month high of $5.75.

Skye Bioscience (NASDAQ:SKYE) last announced its earnings results on Monday, May 11th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.03). On average, equities analysts anticipate that Skye Bioscience will post -1.07 earnings per share for the current year.

Institutional Investors Weigh In On Skye Bioscience

Hedge funds have recently made changes to their positions in the company. XTX Topco Ltd acquired a new stake in shares of Skye Bioscience during the 4th quarter worth about $40,000. Dimensional Fund Advisors LP acquired a new stake in Skye Bioscience in the 3rd quarter valued at about $53,000. Qube Research & Technologies Ltd acquired a new stake in Skye Bioscience in the 2nd quarter valued at about $218,000. Vanguard Group Inc. increased its position in 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 acquiring an additional 44,824 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in Skye Bioscience in the 2nd quarter valued at about $436,000. Institutional investors and hedge funds 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.