Cantor Fitzgerald Forecasts Skye Bioscience FY2025 Earnings

Skye Bioscience, Inc. (NASDAQ:SKYE) – Stock analysts at Cantor Fitzgerald issued their FY2025 EPS estimates for shares of Skye Bioscience in a research note issued to investors on Tuesday, January 21st. Cantor Fitzgerald analyst K. Kluska forecasts that the company will post earnings of ($1.14) per share for the year. The consensus estimate for Skye Bioscience’s current full-year earnings is ($1.04) per share.

Separately, Scotiabank initiated coverage on Skye Bioscience in a report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Skye Bioscience has a consensus rating of “Buy” and a consensus target price of $18.67.

Skye Bioscience Stock Up 1.5 %

Shares of NASDAQ SKYE opened at $2.70 on Wednesday. Skye Bioscience has a 12-month low of $2.25 and a 12-month high of $19.41. The company has a 50-day moving average of $2.78 and a 200 day moving average of $3.93.

Insiders Place Their Bets

In other news, CEO Punit Dhillon sold 82,546 shares of Skye Bioscience stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $411,904.54. Following the sale, the chief executive officer now owns 329,823 shares of the company’s stock, valued at approximately $1,645,816.77. The trade was a 20.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul A. Grayson sold 86,244 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $430,357.56. Following the completion of the transaction, the director now owns 259,701 shares of the company’s stock, valued at $1,295,907.99. The trade was a 24.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 232,431 shares of company stock valued at $1,160,360 over the last ninety days. Company insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp acquired a new stake in shares of Skye Bioscience during the second quarter valued at about $471,000. Rhumbline Advisers acquired a new stake in Skye Bioscience in the 2nd quarter valued at approximately $158,000. Logos Global Management LP purchased a new stake in Skye Bioscience in the second quarter valued at approximately $10,425,000. Point72 DIFC Ltd acquired a new position in Skye Bioscience during the second quarter worth $48,000. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Skye Bioscience during the second quarter worth $30,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

About Skye Bioscience

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.