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

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) have earned a consensus recommendation of "Buy" from the six analysts that are covering the stock, Marketbeat Ratings reports. Six analysts have rated the stock with a buy recommendation. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $18.67.

Several equities research analysts have issued reports on SKYE shares. JMP Securities began coverage on Skye Bioscience in a report on Tuesday, September 10th. They set an "outperform" rating and a $15.00 price target for the company. Craig Hallum started coverage on shares of Skye Bioscience in a research note on Tuesday, July 9th. They set a "buy" rating and a $18.00 target price for the company. Scotiabank assumed coverage on shares of Skye Bioscience in a research note on Monday, September 30th. They issued a "sector outperform" rating and a $20.00 price target on the stock. Cantor Fitzgerald reissued an "overweight" rating and issued a $14.00 price target on shares of Skye Bioscience in a report on Friday, September 20th. Finally, Piper Sandler restated an "overweight" rating and set a $20.00 price objective on shares of Skye Bioscience in a report on Friday, September 20th.

Skye Bioscience Stock Up 3.1 %

Shares of Skye Bioscience stock traded up $0.15 during trading on Friday, hitting $5.03. 128,200 shares of the stock were exchanged, compared to its average volume of 179,945. Skye Bioscience has a 1-year low of $1.44 and a 1-year high of $19.41. The company has a fifty day moving average price of $4.12 and a 200-day moving average price of $5.09.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). Sell-side analysts anticipate that Skye Bioscience will post -1.06 earnings per share for the current year.

Insider Buying and Selling at Skye Bioscience

In other Skye Bioscience news, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the transaction, the director now owns 66,356 shares in the company, valued at $437,949.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Andrew J. Schwab sold 252,500 shares of the company's stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the completion of the sale, the director now directly owns 66,356 shares in the company, valued at approximately $437,949.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 sale, the director now directly owns 66,277 shares in the company, valued at approximately $401,638.62. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.73% of the company's stock.

Hedge Funds Weigh In On Skye Bioscience

Hedge funds and other institutional investors have recently made changes to their positions in the company. Point72 DIFC Ltd bought a new position in shares of Skye Bioscience in the 2nd quarter valued at $48,000. Cubist Systematic Strategies LLC acquired a new position in Skye Bioscience during the second quarter worth about $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Skye Bioscience during the second quarter worth about $222,000. Point72 Asset Management L.P. bought a new position in shares of Skye Bioscience in the second quarter worth about $4,486,000. Finally, Perceptive Advisors LLC acquired a new stake in shares of Skye Bioscience in the 2nd quarter valued at approximately $4,005,000. 21.09% of the stock is currently owned by institutional investors and hedge funds.

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.