Skye Bioscience (NASDAQ:SKYE) Stock Price Down 31% - Here's What Happened

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) traded down 31% on Thursday . The company traded as low as $2.63 and last traded at $1.89. 61,166 shares were traded during trading, a decline of 71% from the average session volume of 210,139 shares. The stock had previously closed at $2.73.

Wall Street Analysts Forecast Growth

SKYE has been the topic of several recent analyst reports. Craig Hallum decreased their price objective on shares of Skye Bioscience from $18.00 to $14.00 and set a "buy" rating for the company in a research report on Friday. William Blair reaffirmed an "outperform" rating on shares of Skye Bioscience in a report on Friday. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $18.00.

Skye Bioscience Stock Up 4.4 %

The stock has a 50-day moving average of $2.66. The firm has a market capitalization of $71.29 million, a P/E ratio of -3.26 and a beta of 1.71.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last posted its 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 quarter last year, the company earned ($0.36) EPS. On average, equities research analysts expect that Skye Bioscience, Inc. will post -1.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Skye Bioscience

Institutional investors have recently made changes to their positions in the company. BNP Paribas Financial Markets grew its position in shares of Skye Bioscience by 71.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company's stock valued at $185,000 after acquiring an additional 19,704 shares during the period. Baker BROS. Advisors LP grew its holdings in Skye Bioscience by 186.9% in the third quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company's stock valued at $5,609,000 after purchasing an additional 934,634 shares during the period. State Street Corp raised its stake in shares of Skye Bioscience by 7.0% during the 3rd quarter. State Street Corp now owns 354,205 shares of the company's stock worth $1,385,000 after buying an additional 23,201 shares during the period. Sphera Funds Management LTD. lifted its position in shares of Skye Bioscience by 20.4% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company's stock valued at $6,113,000 after buying an additional 265,210 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in Skye Bioscience in the 3rd quarter valued at $48,000. 21.09% of the stock is owned by hedge funds and other institutional investors.

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.