Skye Bioscience, Inc. (NASDAQ:SKYE) Receives Average Recommendation of "Buy" from Brokerages

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

A number of brokerages recently weighed in on SKYE. Scotiabank initiated coverage on Skye Bioscience in a report on Monday, September 30th. They set a "sector outperform" rating and a $20.00 price objective on the stock. Cantor Fitzgerald restated an "overweight" rating and issued a $14.00 price objective on shares of Skye Bioscience in a report on Friday, September 20th. Piper Sandler reaffirmed an "overweight" rating and set a $20.00 target price on shares of Skye Bioscience in a report on Friday, September 20th. Finally, JMP Securities assumed coverage on shares of Skye Bioscience in a research note on Tuesday, September 10th. They issued an "outperform" rating and a $15.00 price target for the company.

Skye Bioscience Stock Up 0.9 %

Shares of NASDAQ SKYE traded up $0.03 during mid-day trading on Friday, hitting $3.38. The stock had a trading volume of 122,600 shares, compared to its average volume of 179,371. Skye Bioscience has a 1 year low of $2.25 and a 1 year high of $19.41. The business has a 50 day moving average price of $4.29 and a two-hundred day moving average price of $4.62.

Insider Transactions at Skye Bioscience

In other Skye Bioscience news, insider Tuan Tu Diep sold 19,489 shares of Skye Bioscience 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 sale, the insider now directly owns 82,259 shares of the company's stock, valued at approximately $410,472.41. The trade was a 19.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Paul A. Grayson sold 86,244 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $430,357.56. Following the completion of the transaction, the director now directly owns 259,701 shares of the company's stock, valued at $1,295,907.99. This represents a 24.93 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 232,431 shares of company stock worth $1,160,360. Company insiders own 3.00% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Cubist Systematic Strategies LLC purchased a new position in Skye Bioscience in the 2nd quarter worth about $30,000. Point72 DIFC Ltd bought a new position in Skye Bioscience during the second quarter valued at approximately $48,000. Jane Street Group LLC purchased a new stake in Skye Bioscience in the third quarter worth approximately $48,000. Barclays PLC grew its position in Skye Bioscience by 36.7% in the 3rd quarter. Barclays PLC now owns 57,889 shares of the company's stock worth $226,000 after purchasing an additional 15,551 shares during the period. Finally, Geode Capital Management LLC raised its stake in Skye Bioscience by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 385,793 shares of the company's stock valued at $1,509,000 after buying an additional 15,614 shares during the last quarter. 21.09% of the stock is owned by hedge funds and other 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.