Skye Bioscience (NASDAQ:SKYE) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Skye Bioscience (NASDAQ:SKYE) posted its earnings results on Monday. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.01, Zacks reports.

Skye Bioscience Stock Performance

Shares of Skye Bioscience stock opened at $1.46 on Wednesday. The business’s 50 day moving average price is $2.67 and its 200 day moving average price is $2.93. The company has a market cap of $45.25 million, a price-to-earnings ratio of -1.14 and a beta of 2.28. Skye Bioscience has a one year low of $1.14 and a one year high of $5.75.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on SKYE shares. Evercore ISI raised Skye Bioscience to a “strong-buy” rating in a report on Friday, August 15th. Craig Hallum cut Skye Bioscience from a “buy” rating to a “hold” rating and set a $2.00 price target for the company. in a research report on Monday, October 6th. HC Wainwright began coverage on Skye Bioscience in a research report on Tuesday, September 30th. They issued a “buy” rating and a $20.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Skye Bioscience in a research note on Wednesday, October 8th. Finally, Cantor Fitzgerald lowered shares of Skye Bioscience from an “overweight” rating to a “neutral” rating and set a $2.00 target price for the company. in a report on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.80.

Insider Transactions at Skye Bioscience

In related news, Director Andrew J. Schwab sold 170,449 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $3.42, for a total transaction of $582,935.58. Following the completion of the sale, the director directly owned 57,493 shares of the company’s stock, valued at approximately $196,626.06. This trade represents a 74.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 sale, the insider directly owned 57,493 shares in the company, valued at $196,626.06. This trade represents a 74.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 462,810 shares of company stock valued at $1,601,097 in the last three months. 3.00% of the stock is currently owned by insiders.

Institutional Trading of Skye Bioscience

Hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC raised its position in Skye Bioscience by 121.3% in the 2nd 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 in the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of Skye Bioscience during the second quarter worth approximately $218,000. Marshall Wace LLP purchased a new stake in shares of Skye Bioscience during the second quarter worth approximately $436,000. Finally, Vanguard Group Inc. raised its holdings in Skye Bioscience by 5.3% in the third quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock valued at $3,469,000 after acquiring an additional 44,824 shares in the last quarter. 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.