Skye Bioscience (NASDAQ:SKYE) Earns “Overweight” Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Skye Bioscience (NASDAQ:SKYE) in a research note published on Friday, Benzinga reports. The brokerage currently has a $20.00 target price on the stock.

SKYE has been the topic of a number of other research reports. JMP Securities assumed coverage on Skye Bioscience in a research note on Tuesday, September 10th. They set an outperform rating and a $15.00 price objective on the stock. Craig Hallum began coverage on shares of Skye Bioscience in a research note on Tuesday, July 9th. They set a buy rating and a $18.00 price target on the stock. Finally, Cantor Fitzgerald reissued an overweight rating and issued a $14.00 price objective on shares of Skye Bioscience in a research report on Friday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of Buy and an average price target of $18.40.

Skye Bioscience Stock Down 42.8 %

Shares of NASDAQ SKYE opened at $3.14 on Friday. The firm’s 50-day moving average is $5.81 and its two-hundred day moving average is $6.28. Skye Bioscience has a 12-month low of $1.44 and a 12-month high of $19.41.

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

Insider Activity at Skye Bioscience

In other news, Director Andrew J. Schwab sold 252,500 shares of the 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 transaction, the director now directly owns 66,356 shares in the company, valued at approximately $437,949.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related 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 value of $83,852.22. Following the transaction, the director now directly owns 66,277 shares of the company’s stock, valued at approximately $401,638.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 value of $1,666,500.00. Following the sale, the director now directly owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. The disclosure for this sale can be found here. Insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Skye Bioscience

A number of large investors have recently modified their holdings of the company. Bank of New York Mellon Corp acquired a new stake in Skye Bioscience during the 2nd quarter worth approximately $471,000. Rhumbline Advisers acquired a new position in Skye Bioscience during the second quarter valued at approximately $158,000. AdvisorShares Investments LLC purchased a new stake in Skye Bioscience during the second quarter worth approximately $210,000. Logos Global Management LP acquired a new stake in shares of Skye Bioscience in the second quarter worth $10,425,000. Finally, Point72 DIFC Ltd purchased a new position in shares of Skye Bioscience in the 2nd quarter valued at $48,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

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.