Skye Bioscience, Inc. (NASDAQ:SKYE) Receives $18.67 Consensus PT from Analysts

Skye Bioscience, Inc. (NASDAQ:SKYE) has been assigned an average rating of “Buy” from the six research firms that are covering the company, MarketBeat reports. Six research analysts have rated the stock with a buy rating. The average 12 month price objective among brokerages that have covered the stock in the last year is $18.67.

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

Skye Bioscience Trading Down 7.4 %

SKYE stock opened at $3.01 on Friday. The stock has a 50-day moving average price of $4.03 and a two-hundred day moving average price of $4.50. Skye Bioscience has a 1 year low of $2.25 and a 1 year high of $19.41.

Insider Activity at Skye Bioscience

In other Skye Bioscience news, CEO Punit Dhillon sold 82,546 shares of the business’s 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 $411,904.54. Following the transaction, the chief executive officer now owns 329,823 shares of the company’s stock, valued at $1,645,816.77. The trade was a 20.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Tuan Tu Diep sold 19,489 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $97,250.11. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 232,431 shares of company stock valued at $1,160,360. 3.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Skye Bioscience

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SKYE. Barclays PLC lifted its stake in shares of Skye Bioscience by 36.7% during the 3rd quarter. Barclays PLC now owns 57,889 shares of the company’s stock worth $226,000 after buying an additional 15,551 shares during the last quarter. Geode Capital Management LLC raised its holdings in Skye Bioscience by 4.2% in the 3rd quarter. Geode Capital Management LLC now owns 385,793 shares of the company’s stock valued at $1,509,000 after acquiring an additional 15,614 shares during the period. Jane Street Group LLC acquired a new stake in Skye Bioscience during the third quarter worth approximately $48,000. Sphera Funds Management LTD. boosted its holdings in shares of Skye Bioscience by 20.4% during the third quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock worth $6,113,000 after acquiring an additional 265,210 shares during the period. Finally, State Street Corp grew its position in shares of Skye Bioscience by 7.0% in the third quarter. State Street Corp now owns 354,205 shares of the company’s stock valued at $1,385,000 after purchasing an additional 23,201 shares during the last quarter. 21.09% of the stock is owned by 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.