Skye Bioscience, Inc. (NASDAQ:SKYE) Receives $18.67 Consensus Price Target from Analysts

Skye Bioscience, Inc. (NASDAQ:SKYE) has earned a consensus recommendation of “Buy” from the six analysts that are presently covering the company, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a buy rating. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $18.67.

Separately, William Blair began coverage on Skye Bioscience in a research note on Friday. They set an “outperform” rating for the company.

Skye Bioscience Stock Down 3.6 %

SKYE opened at $2.68 on Friday. The business has a 50 day moving average price of $3.02 and a two-hundred day moving average price of $3.17. Skye Bioscience has a 52 week low of $2.31 and a 52 week high of $19.41.

Institutional Trading of Skye Bioscience

Several hedge funds have recently made changes to their positions in SKYE. Virtu Financial LLC acquired a new stake in shares of Skye Bioscience in the 4th quarter worth $29,000. Wells Fargo & Company MN increased its holdings in shares of Skye Bioscience by 49.0% in the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock valued at $32,000 after purchasing an additional 3,684 shares in the last quarter. Two Sigma Advisers LP purchased a new position in shares of Skye Bioscience in the 4th quarter valued at about $32,000. Squarepoint Ops LLC purchased a new position in shares of Skye Bioscience in the 4th quarter valued at about $38,000. Finally, Jane Street Group LLC purchased a new position in shares of Skye Bioscience in the 3rd quarter valued at about $48,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

About Skye Bioscience

Skye Bioscience, Inc, a clinical stage pharmaceutical company, discovers, develops, and commercializes cannabinoid-based molecules for the treatment of infectious diseases. The company's lead product candidate is SBI-100 used in the treatment of glaucoma and ocular hypertension. It is also developing SBI-200 to treat and manage various eye diseases, including uveitis, dry eye syndrome, macular degeneration and diabetic retinopathy.