Brokerages Set Skye Bioscience, Inc. (NASDAQ:SKYE) PT at $8.50

Skye Bioscience, Inc. (NASDAQ:SKYE) has received a consensus rating of “Moderate Buy” from the six research firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $8.50.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Skye Bioscience in a research report on Friday, July 10th.

Institutional Trading of Skye Bioscience

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC grew its holdings in Skye Bioscience by 121.3% during 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. Dimensional Fund Advisors LP acquired a new stake in Skye Bioscience in the third quarter worth $53,000. Two Sigma Investments LP increased its position in shares of Skye Bioscience by 46.2% in the 3rd quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock valued at $363,000 after buying an additional 29,163 shares in the last quarter. Vanguard Group Inc. raised its stake in Skye Bioscience by 5.3% during the 3rd quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock worth $3,469,000 after buying an additional 44,824 shares during the period. Finally, Qube Research & Technologies Ltd acquired a new stake in Skye Bioscience during the 2nd quarter worth $218,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

Skye Bioscience Stock Performance

Shares of SKYE stock opened at $0.61 on Monday. Skye Bioscience has a 52 week low of $0.57 and a 52 week high of $4.99. The stock has a market capitalization of $21.30 million, a PE ratio of -0.42 and a beta of 2.94. The stock’s fifty day moving average is $0.75 and its 200-day moving average is $0.79.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly 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). As a group, analysts forecast that Skye Bioscience will post -1.07 earnings per share for the current fiscal year.

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.