Analysts Set Skye Bioscience, Inc. (NASDAQ:SKYE) Target Price at $9.80

by · The Cerbat Gem

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE – Get Free Report) have earned an average recommendation of “Moderate Buy” from the seven research firms that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $9.80.

A number of equities research analysts have weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Skye Bioscience in a research report on Wednesday, October 8th. HC Wainwright began coverage on Skye Bioscience in a research note on Tuesday, September 30th. They issued a “buy” rating and a $20.00 price objective on the stock. Evercore ISI raised Skye Bioscience to a “strong-buy” rating in a research note on Friday, August 15th. Cantor Fitzgerald lowered Skye Bioscience from an “overweight” rating to a “neutral” rating and set a $2.00 target price on the stock. in a report on Monday, October 6th. Finally, Craig Hallum cut shares of Skye Bioscience from a “buy” rating to a “hold” rating and set a $2.00 price target on the stock. in a research report on Monday, October 6th.

Check Out Our Latest Stock Analysis on SKYE

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Nuveen LLC acquired a new stake in shares of Skye Bioscience during the 1st quarter valued at $37,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Skye Bioscience in the 2nd quarter worth $42,000. Millington Financial Advisors LLC acquired a new stake in shares of Skye Bioscience during the second quarter worth $44,000. Marshall Wace LLP purchased a new stake in shares of Skye Bioscience during the second quarter valued at $436,000. Finally, Capital Advisors Wealth Management LLC lifted its holdings in shares of Skye Bioscience by 143.1% during the second quarter. Capital Advisors Wealth Management LLC now owns 50,800 shares of the company’s stock valued at $212,000 after purchasing an additional 29,900 shares during the last quarter. Institutional investors and hedge funds own 21.09% of the company’s stock.

Skye Bioscience Stock Down 8.3%

Shares of SKYE opened at $1.11 on Friday. The firm has a market capitalization of $35.59 million, a PE ratio of -0.87 and a beta of 2.68. The firm has a 50-day moving average price of $1.87 and a 200 day moving average price of $2.86. Skye Bioscience has a 52-week low of $1.10 and a 52-week high of $5.75.

Skye Bioscience (NASDAQ:SKYE – Get Free Report) last released its quarterly earnings results on Monday, November 10th. The company reported ($0.32) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.01. On average, equities analysts expect that Skye Bioscience will post -1.04 EPS for the current year.

About Skye Bioscience

(Get Free Report)

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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