Skye Bioscience, Inc. (NASDAQ:SKYE) Receives Average Rating of “Buy” from Brokerages

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have received an average rating of “Buy” from the six ratings firms that are currently covering the firm, Marketbeat reports. Six analysts have rated the stock with a buy recommendation. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $18.67.

Separately, William Blair began coverage on shares of Skye Bioscience in a research note on Friday. They issued an “outperform” rating for the company.

Skye Bioscience Trading Down 3.6 %

Shares of Skye Bioscience stock opened at $2.68 on Friday. The company has a 50-day moving average of $3.02 and a 200 day moving average of $3.17. Skye Bioscience has a 1 year low of $2.31 and a 1 year high of $19.41.

Institutional Trading of Skye Bioscience

A number of institutional investors and hedge funds have recently bought and sold shares of SKYE. Baker BROS. Advisors LP increased its stake 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 purchasing an additional 934,634 shares in the last quarter. Braidwell LP bought a new stake in Skye Bioscience during the 4th quarter valued at about $2,337,000. Schonfeld Strategic Advisors LLC increased its stake 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 valued at $4,026,000 after purchasing an additional 463,644 shares in the last quarter. Sphera Funds Management LTD. increased its stake in Skye Bioscience by 20.4% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock valued at $6,113,000 after purchasing an additional 265,210 shares in the last quarter. Finally, Deutsche Bank AG increased its stake 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 purchasing an additional 32,054 shares in the last quarter. 21.09% of the stock is currently owned by institutional investors.

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.