Skye Bioscience, Inc. (NASDAQ:SKYE) Given Consensus Recommendation of "Buy" by Analysts

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) have been given an average rating of "Buy" by the seven analysts that are presently covering the company, Marketbeat.com reports. Seven analysts have rated the stock with a buy rating. The average 12-month price target among analysts that have covered the stock in the last year is $18.00.

A number of research firms recently weighed in on SKYE. Craig Hallum lowered their price target on shares of Skye Bioscience from $18.00 to $14.00 and set a "buy" rating for the company in a report on Friday, March 21st. William Blair reiterated an "outperform" rating on shares of Skye Bioscience in a research note on Friday, March 21st.

Institutional Investors Weigh In On Skye Bioscience

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wells Fargo & Company MN boosted its holdings in shares of Skye Bioscience by 49.0% during the fourth 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 during the period. Virtu Financial LLC purchased a new stake in shares of Skye Bioscience during the fourth quarter worth $29,000. Bank of America Corp DE grew its stake in Skye Bioscience by 37.4% in the fourth quarter. Bank of America Corp DE now owns 39,257 shares of the company's stock valued at $111,000 after purchasing an additional 10,696 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Skye Bioscience by 20.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company's stock worth $176,000 after purchasing an additional 10,707 shares in the last quarter. Finally, Two Sigma Advisers LP bought a new position in shares of Skye Bioscience during the 4th quarter valued at $32,000. 21.09% of the stock is owned by institutional investors and hedge funds.

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Skye Bioscience Stock Performance

Skye Bioscience stock traded down $0.25 during midday trading on Tuesday, reaching $1.87. 286,301 shares of the company were exchanged, compared to its average volume of 219,127. The company has a market capitalization of $57.92 million, a price-to-earnings ratio of -2.60 and a beta of 1.71. Skye Bioscience has a 1 year low of $1.81 and a 1 year high of $17.65. The firm's 50-day simple moving average is $2.47 and its 200-day simple moving average is $2.75.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last issued its quarterly earnings results on Thursday, March 20th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.30) by $0.06. During the same period last year, the business earned ($0.36) earnings per share. On average, analysts forecast that Skye Bioscience will post -1.04 EPS for the current fiscal year.

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.