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

Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) has been given an average rating of "Buy" by the seven research firms that are covering the firm, Marketbeat.com reports. Seven analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $18.67.

Separately, William Blair initiated coverage on Skye Bioscience in a research note on Friday. They set an "outperform" rating for the company.

Hedge Funds Weigh In On Skye Bioscience

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN raised its position in Skye Bioscience by 49.0% during the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company's stock valued at $32,000 after purchasing an additional 3,684 shares during the period. Virtu Financial LLC purchased a new stake in Skye Bioscience during the fourth quarter valued at approximately $29,000. Bank of America Corp DE raised its position in Skye Bioscience by 37.4% during 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 during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Skye Bioscience by 20.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company's stock worth $176,000 after buying an additional 10,707 shares during the period. Finally, Two Sigma Advisers LP purchased a new stake in shares of Skye Bioscience in the fourth quarter worth approximately $32,000. 21.09% of the stock is owned by institutional investors.

Skye Bioscience Stock Performance

Shares of NASDAQ SKYE traded down $0.34 during mid-day trading on Friday, reaching $2.51. The company's stock had a trading volume of 291,800 shares, compared to its average volume of 178,398. The stock has a fifty day moving average of $3.02 and a two-hundred day moving average of $3.12. Skye Bioscience has a 52 week low of $2.31 and a 52 week high of $19.41.

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.