Analysts Set Skye Bioscience, Inc. (NASDAQ:SKYE) Target Price at $8.50

Skye Bioscience, Inc. (NASDAQ:SKYE) has been given a consensus recommendation of “Moderate Buy” by the six ratings firms that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $8.50.

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Skye Bioscience in a research note on Friday, July 10th.

Skye Bioscience Stock Performance

NASDAQ SKYE opened at $0.52 on Friday. The stock has a 50 day moving average price of $0.68 and a 200-day moving average price of $0.75. Skye Bioscience has a one year low of $0.28 and a one year high of $4.99. The company has a market capitalization of $18.25 million, a P/E ratio of -0.36 and a beta of 2.97.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.03). As a group, equities analysts predict that Skye Bioscience will post -1.06 EPS for the current fiscal year.

Institutional Trading of Skye Bioscience

Large investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC grew its holdings in shares of Skye Bioscience by 121.3% in the second quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after purchasing an additional 5,989 shares during the last quarter. Dimensional Fund Advisors LP bought a new position in Skye Bioscience in the 3rd quarter worth about $53,000. Qube Research & Technologies Ltd bought a new position in Skye Bioscience in the 2nd quarter worth about $218,000. XTX Topco Ltd purchased a new position in shares of Skye Bioscience during the fourth quarter worth approximately $40,000. Finally, Two Sigma Investments LP boosted its holdings in shares of Skye Bioscience by 46.2% in the third quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock valued at $363,000 after purchasing an additional 29,163 shares during the period. 21.09% of the stock is owned by hedge funds and other institutional investors.

About Skye Bioscience

Skye Bioscience, Inc is a clinical-stage biotechnology company focused on the development of novel, selective cannabinoid type 1 (CB1) receptor modulators for the treatment of ocular diseases. Headquartered in Sunnyvale, California, Skye Bioscience leverages proprietary chemistry and formulation expertise to design and optimize compounds with high potency, tissue selectivity and favorable drug-like properties. The company’s lead product candidate is being evaluated for the treatment of glaucoma and other ophthalmic conditions characterized by elevated intraocular pressure.

Skye Bioscience’s pipeline centers on synthetic cannabinoids engineered to avoid central nervous system side effects commonly associated with traditional cannabinoid therapies.