Skye Bioscience (NASDAQ:SKYE) Receives Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Skye Bioscience (NASDAQ:SKYE) in a report released on Friday, Benzinga reports. The firm currently has a $14.00 price target on the stock.

Separately, Craig Hallum initiated coverage on shares of Skye Bioscience in a research note on Tuesday, July 9th. They set a buy rating and a $18.00 target price for the company.

Skye Bioscience Stock Performance

NASDAQ SKYE opened at $6.35 on Friday. Skye Bioscience has a 1 year low of $1.44 and a 1 year high of $19.41. The company has a fifty day moving average of $5.52 and a two-hundred day moving average of $6.96.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). As a group, analysts predict that Skye Bioscience will post -1.06 EPS for the current year.

Institutional Investors Weigh In On Skye Bioscience

Several hedge funds have recently made changes to their positions in the business. Logos Global Management LP acquired a new stake in shares of Skye Bioscience during the second quarter worth about $10,425,000. CVI Holdings LLC acquired a new stake in Skye Bioscience in the second quarter valued at about $5,445,000. Driehaus Capital Management LLC acquired a new stake in Skye Bioscience in the second quarter valued at about $5,213,000. Point72 Asset Management L.P. acquired a new stake in Skye Bioscience in the second quarter valued at about $4,486,000. Finally, Perceptive Advisors LLC acquired a new stake in Skye Bioscience in the second quarter valued at about $4,005,000. 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.