Analysts Set Skye Bioscience, Inc. (NASDAQ:SKYE) Price Target at $18.67

Skye Bioscience, Inc. (NASDAQ:SKYE) has been given an average recommendation of “Buy” by the six ratings firms that are covering the stock, Marketbeat reports. Six equities research analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $18.67.

Several research analysts have recently weighed in on SKYE shares. Craig Hallum started coverage on shares of Skye Bioscience in a report on Tuesday, July 9th. They issued a “buy” rating and a $18.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $14.00 price target on shares of Skye Bioscience in a report on Friday, September 20th. JMP Securities started coverage on shares of Skye Bioscience in a report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price target on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 price target on shares of Skye Bioscience in a report on Friday, September 20th. Finally, Scotiabank started coverage on shares of Skye Bioscience in a report on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 price target on the stock.

Insider Activity at Skye Bioscience

In related news, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total value of $1,666,500.00. Following the transaction, the director now owns 66,356 shares of the company’s stock, valued at $437,949.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Andrew J. Schwab sold 13,837 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.06, for a total value of $83,852.22. Following the transaction, the director now owns 66,277 shares of the company’s stock, valued at $401,638.62. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew J. Schwab sold 252,500 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total value of $1,666,500.00. Following the transaction, the director now directly owns 66,356 shares in the company, valued at $437,949.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.73% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SKYE. Bank of New York Mellon Corp bought a new position in shares of Skye Bioscience during the second quarter valued at about $471,000. Rhumbline Advisers bought a new position in shares of Skye Bioscience during the second quarter valued at about $158,000. AdvisorShares Investments LLC bought a new position in shares of Skye Bioscience during the second quarter valued at about $210,000. Logos Global Management LP bought a new position in shares of Skye Bioscience during the second quarter valued at about $10,425,000. Finally, Point72 DIFC Ltd bought a new position in shares of Skye Bioscience during the second quarter valued at about $48,000. 21.09% of the stock is owned by institutional investors.

Skye Bioscience Stock Performance

NASDAQ:SKYE opened at $3.55 on Monday. The stock’s fifty day moving average price is $4.96 and its two-hundred day moving average price is $5.59. Skye Bioscience has a 1 year low of $1.44 and a 1 year high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last posted its earnings results on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). On average, analysts expect that Skye Bioscience will post -1.06 EPS 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.