Skye Bioscience (NASDAQ:SKYE) Now Covered by Analysts at Scotiabank

Equities researchers at Scotiabank assumed coverage on shares of Skye Bioscience (NASDAQ:SKYE) in a note issued to investors on Monday, September 30th, MarketBeat reports. The firm set a “sector outperform” rating and a $20.00 price target on the stock. Scotiabank’s price objective would indicate a potential upside of 359.77% from the stock’s current price.

Other analysts have also recently issued reports about the company. JMP Securities began coverage on Skye Bioscience in a research note on Tuesday, September 10th. They set an “outperform” rating and a $15.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $14.00 target price on shares of Skye Bioscience in a research report on Friday, September 20th. Craig Hallum started coverage on Skye Bioscience in a research note on Tuesday, July 9th. They set a “buy” rating and a $18.00 price objective on the stock. Finally, Piper Sandler reissued an “overweight” rating and issued a $20.00 price objective on shares of Skye Bioscience in a research report on Friday, September 20th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $18.67.

Skye Bioscience Stock Up 3.6 %

NASDAQ SKYE traded up $0.15 during trading on Monday, reaching $4.35. 136,924 shares of the stock traded hands, compared to its average volume of 176,141. Skye Bioscience has a fifty-two week low of $1.44 and a fifty-two week high of $19.41. The stock’s 50-day moving average price is $4.34 and its 200 day moving average price is $5.26.

Skye Bioscience (NASDAQ:SKYE) last posted its earnings results on Friday, August 9th. The company reported ($0.20) earnings per share for the quarter, hitting the consensus estimate of ($0.20). Analysts expect that Skye Bioscience will post -1.06 EPS for the current year.

Insiders Place Their Bets

In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $6.06, for a total value of $83,852.22. Following the transaction, the director now directly owns 66,277 shares of the company’s stock, valued at $401,638.62. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.06, for a total transaction of $83,852.22. Following the transaction, the director now owns 66,277 shares in the company, valued at $401,638.62. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Andrew J. Schwab sold 252,500 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the completion of the sale, the director now directly owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC bought a new stake in Skye Bioscience during the second quarter worth $30,000. Point72 DIFC Ltd bought a new stake in shares of Skye Bioscience during the 2nd quarter worth $48,000. Rhumbline Advisers acquired a new stake in Skye Bioscience in the second quarter valued at about $158,000. AdvisorShares Investments LLC bought a new position in Skye Bioscience in the second quarter valued at about $210,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Skye Bioscience during the second quarter worth about $222,000. 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.