Cantor Fitzgerald Estimates Skye Bioscience FY2025 Earnings

Skye Bioscience, Inc. (NASDAQ:SKYE - Free Report) - Analysts at Cantor Fitzgerald issued their FY2025 earnings estimates for Skye Bioscience in a report issued on Tuesday, January 21st. Cantor Fitzgerald analyst K. Kluska expects that the company will earn ($1.14) per share for the year. The consensus estimate for Skye Bioscience's current full-year earnings is ($1.04) per share.

Separately, Scotiabank began coverage on Skye Bioscience in a report on Monday, September 30th. They issued a "sector outperform" rating and a $20.00 target price on the stock. Six analysts have rated the stock with a buy rating, According to MarketBeat, Skye Bioscience presently has an average rating of "Buy" and an average target price of $18.67.

Skye Bioscience Trading Up 6.5 %

Skye Bioscience stock traded up $0.17 during mid-day trading on Wednesday, hitting $2.78. The stock had a trading volume of 151,600 shares, compared to its average volume of 111,027. The firm's 50 day moving average is $2.75 and its 200 day moving average is $3.87. Skye Bioscience has a one year low of $2.25 and a one year high of $19.41.

Insider Transactions at Skye Bioscience

In related news, CEO Punit Dhillon sold 82,546 shares of Skye Bioscience stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $411,904.54. Following the completion of the sale, the chief executive officer now directly owns 329,823 shares in the company, valued at $1,645,816.77. The trade was a 20.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Tuan Tu Diep sold 19,489 shares of the company's stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $97,250.11. Following the completion of the sale, the insider now directly owns 82,259 shares of the company's stock, valued at $410,472.41. The trade was a 19.15 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 232,431 shares of company stock worth $1,160,360. Insiders own 3.00% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Sphera Funds Management LTD. lifted its position in Skye Bioscience by 20.4% during the third quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company's stock valued at $6,113,000 after acquiring an additional 265,210 shares during the last quarter. Baker BROS. Advisors LP lifted its holdings in shares of 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 during the last quarter. Logos Global Management LP acquired a new stake in shares of Skye Bioscience in the 2nd quarter worth $10,425,000. CVI Holdings LLC purchased a new position in Skye Bioscience during the 2nd quarter worth $5,445,000. Finally, Driehaus Capital Management LLC acquired a new position in Skye Bioscience during the 2nd quarter valued at about $5,213,000. 21.09% of the stock is owned by institutional investors.

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.