Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) has earned a consensus recommendation of "Buy" from the seven ratings firms that are presently covering the company, Marketbeat.com reports. Seven analysts have rated the stock with a buy rating. The average twelve-month price target among brokers that have covered the stock in the last year is $18.67.
Separately, William Blair started coverage on Skye Bioscience in a research note on Friday. They set an "outperform" rating for the company.
Read Our Latest Report on SKYE
Institutional Trading of Skye Bioscience
A number of institutional investors and hedge funds have recently modified their holdings of SKYE. Virtu Financial LLC bought a new stake in shares of Skye Bioscience in the 4th quarter worth $29,000. Wells Fargo & Company MN increased its holdings in shares of Skye Bioscience by 49.0% in the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company's stock worth $32,000 after purchasing an additional 3,684 shares in the last quarter. Two Sigma Advisers LP bought a new stake in shares of Skye Bioscience in the 4th quarter worth $32,000. Squarepoint Ops LLC bought a new stake in shares of Skye Bioscience in the fourth quarter worth $38,000. Finally, Jane Street Group LLC bought a new stake in shares of Skye Bioscience in the third quarter worth $48,000. Institutional investors own 21.09% of the company's stock.
Skye Bioscience Stock Down 11.9 %
NASDAQ:SKYE traded down $0.34 during trading hours on Friday, reaching $2.51. 291,800 shares of the company traded hands, compared to its average volume of 178,398. The business's 50-day moving average price is $3.02 and its two-hundred day moving average price is $3.12. Skye Bioscience has a 1 year low of $2.31 and a 1 year high of $19.41.
Skye Bioscience Company Profile
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Get Free ReportSkye 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.
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