Skye Bioscience (NASDAQ:SKYE - Get Free Report) had its target price decreased by research analysts at Craig Hallum from $18.00 to $14.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock.
Separately, William Blair restated an "outperform" rating on shares of Skye Bioscience in a research report on Friday. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, Skye Bioscience currently has a consensus rating of "Buy" and an average price target of $18.00.
Check Out Our Latest Research Report on Skye Bioscience
Skye Bioscience Trading Down 4.2 %
Shares of NASDAQ SKYE traded down $0.10 during trading on Friday, reaching $2.25. 78,756 shares of the company traded hands, compared to its average volume of 213,597. Skye Bioscience has a 12-month low of $1.83 and a 12-month high of $17.65. The stock has a market cap of $68.29 million, a P/E ratio of -3.13 and a beta of 1.71. The firm's fifty day simple moving average is $2.63 and its 200 day simple moving average is $2.80.
Skye Bioscience (NASDAQ:SKYE - Get Free Report) last announced its quarterly earnings results on Thursday, March 20th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.30) by $0.06. During the same period last year, the company earned ($0.36) earnings per share. As a group, research analysts expect that Skye Bioscience will post -1.04 EPS for the current year.
Institutional Investors Weigh In On Skye Bioscience
Large investors have recently bought and sold shares of the company. Squarepoint Ops LLC acquired a new stake in shares of Skye Bioscience in the fourth quarter worth approximately $38,000. Two Sigma Advisers LP purchased a new stake in shares of Skye Bioscience during the fourth quarter worth $32,000. Deutsche Bank AG raised its position in shares of Skye Bioscience by 365.0% in the fourth quarter. Deutsche Bank AG now owns 40,835 shares of the company's stock valued at $116,000 after buying an additional 32,054 shares during the last quarter. Bridgeway Capital Management LLC lifted its stake in shares of Skye Bioscience by 26.3% in the fourth quarter. Bridgeway Capital Management LLC now owns 72,000 shares of the company's stock worth $204,000 after buying an additional 15,000 shares in the last quarter. Finally, Braidwell LP acquired a new position in Skye Bioscience during the fourth quarter worth about $2,337,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.
About Skye Bioscience
(
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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.
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