Skye Bioscience, Inc. (NASDAQ:SKYE) Given Consensus Recommendation of “Buy” by Brokerages

Skye Bioscience, Inc. (NASDAQ:SKYE) has been assigned a consensus rating of “Buy” from the seven brokerages that are presently covering the stock, MarketBeat Ratings reports. Seven analysts have rated the stock with a buy rating. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $18.00.

SKYE has been the subject of several research reports. Craig Hallum reduced their price target on shares of Skye Bioscience from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday. William Blair reissued an “outperform” rating on shares of Skye Bioscience in a research report on Friday.

Institutional Trading of Skye Bioscience

A number of institutional investors have recently modified their holdings of SKYE. Baker BROS. Advisors LP raised its holdings in Skye Bioscience by 186.9% during the 3rd quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock valued at $5,609,000 after acquiring an additional 934,634 shares during the period. Braidwell LP bought a new stake in shares of Skye Bioscience during the 4th quarter valued at $2,337,000. Schonfeld Strategic Advisors LLC lifted its holdings in Skye Bioscience by 48.3% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 1,422,741 shares of the company’s stock worth $4,026,000 after purchasing an additional 463,644 shares in the last quarter. Sphera Funds Management LTD. boosted its stake in Skye Bioscience by 20.4% in the 3rd quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock worth $6,113,000 after purchasing an additional 265,210 shares during the period. Finally, Deutsche Bank AG grew its holdings in Skye Bioscience by 365.0% during the 4th quarter. Deutsche Bank AG now owns 40,835 shares of the company’s stock valued at $116,000 after buying an additional 32,054 shares in the last quarter. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

Skye Bioscience Stock Performance

NASDAQ:SKYE opened at $2.35 on Tuesday. Skye Bioscience has a 52 week low of $1.83 and a 52 week high of $17.65. The firm has a 50-day moving average price of $2.63 and a two-hundred day moving average price of $2.80. The firm has a market cap of $71.29 million, a price-to-earnings ratio of -3.26 and a beta of 1.71.

Skye Bioscience (NASDAQ:SKYE) last issued its quarterly earnings results on Thursday, March 20th. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.06. During the same period in the previous year, the company earned ($0.36) EPS. As a group, sell-side analysts forecast that Skye Bioscience will post -1.04 earnings per share for the current year.

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.