Skye Bioscience, Inc. (NASDAQ:SKYE) Given Average Rating of “Moderate Buy” by Brokerages

Skye Bioscience, Inc. (NASDAQ:SKYE) has been given a consensus recommendation of “Moderate Buy” by the seven brokerages that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $9.80.

A number of research analysts recently weighed in on SKYE shares. Craig Hallum cut shares of Skye Bioscience from a “buy” rating to a “hold” rating and set a $2.00 price objective for the company. in a report on Monday, October 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Skye Bioscience in a report on Wednesday, October 8th. JMP Securities restated a “market outperform” rating and issued a $15.00 price objective on shares of Skye Bioscience in a report on Tuesday, June 24th. Evercore ISI upgraded shares of Skye Bioscience to a “strong-buy” rating in a report on Friday, August 15th. Finally, Cantor Fitzgerald cut shares of Skye Bioscience from an “overweight” rating to a “neutral” rating and set a $2.00 price target for the company. in a report on Monday, October 6th.

Skye Bioscience Stock Performance

Shares of SKYE stock opened at $1.38 on Friday. The stock has a market capitalization of $42.76 million, a P/E ratio of -1.30 and a beta of 2.34. The company has a 50 day moving average price of $3.32 and a 200 day moving average price of $2.99. Skye Bioscience has a fifty-two week low of $1.14 and a fifty-two week high of $5.96.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.10). On average, research analysts forecast that Skye Bioscience will post -1.04 EPS for the current fiscal year.

Insider Activity at Skye Bioscience

In other Skye Bioscience news, major shareholder 5Am Partners Vii, Llc sold 170,449 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $3.42, for a total transaction of $582,935.58. Following the completion of the transaction, the insider owned 57,493 shares in the company, valued at $196,626.06. The trade was a 74.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Andrew J. Schwab sold 170,449 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $3.42, for a total transaction of $582,935.58. Following the transaction, the director owned 57,493 shares of the company’s stock, valued at $196,626.06. This trade represents a 74.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 462,810 shares of company stock valued at $1,601,097 in the last quarter. 4.50% of the stock is currently owned by company insiders.

Institutional Trading of Skye Bioscience

Several institutional investors have recently modified their holdings of SKYE. Capital Advisors Wealth Management LLC purchased a new stake in shares of Skye Bioscience during the 1st quarter worth approximately $33,000. Nuveen LLC purchased a new stake in shares of Skye Bioscience during the 1st quarter worth approximately $37,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Skye Bioscience during the 2nd quarter worth approximately $42,000. Millington Financial Advisors LLC purchased a new stake in shares of Skye Bioscience during the 2nd quarter worth approximately $44,000. Finally, Tower Research Capital LLC TRC lifted its position in shares of Skye Bioscience by 121.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after buying an additional 5,989 shares during the last quarter. Hedge funds and other institutional investors 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.