Skye Bioscience’s (SKYE) “Outperform” Rating Reiterated at William Blair

Skye Bioscience (NASDAQ:SKYE)‘s stock had its “outperform” rating reiterated by investment analysts at William Blair in a report issued on Friday,RTT News reports.

Skye Bioscience Stock Up 6.3 %

Shares of NASDAQ:SKYE traded up $0.12 during trading on Friday, hitting $2.01. 313,487 shares of the company were exchanged, compared to its average volume of 210,797. Skye Bioscience has a fifty-two week low of $1.83 and a fifty-two week high of $17.65. The firm has a fifty day moving average price of $2.69 and a two-hundred day moving average price of $2.84.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings results on Thursday, March 20th. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.06. During the same period last year, the business posted ($0.36) EPS. Equities research analysts expect that Skye Bioscience will post -1.04 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Squarepoint Ops LLC acquired a new position in shares of Skye Bioscience during the 4th quarter worth approximately $38,000. Two Sigma Advisers LP acquired a new position in shares of Skye Bioscience during the 4th quarter worth approximately $32,000. Deutsche Bank AG increased its holdings in shares of Skye Bioscience by 365.0% during the 4th quarter. Deutsche Bank AG now owns 40,835 shares of the company’s stock worth $116,000 after acquiring an additional 32,054 shares during the last quarter. Bridgeway Capital Management LLC increased its holdings in shares of Skye Bioscience by 26.3% during the 4th quarter. Bridgeway Capital Management LLC now owns 72,000 shares of the company’s stock worth $204,000 after acquiring an additional 15,000 shares during the last quarter. Finally, Braidwell LP acquired a new position in shares of Skye Bioscience during the 4th quarter worth approximately $2,337,000. 21.09% of the stock is owned by institutional investors and hedge funds.

Skye Bioscience Company Profile

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.