Skye Bioscience (NASDAQ:SKYE) Coverage Initiated at Scotiabank

Scotiabank assumed coverage on shares of Skye Bioscience (NASDAQ:SKYE) in a research report released on Monday, Marketbeat.com reports. The brokerage issued a sector outperform rating and a $20.00 price target on the stock.

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

Skye Bioscience Trading Up 0.3 %

NASDAQ:SKYE opened at $3.58 on Monday. Skye Bioscience has a twelve month low of $1.44 and a twelve month high of $19.41. The stock has a fifty day simple moving average of $5.07 and a 200-day simple moving average of $5.64.

Skye Bioscience (NASDAQ:SKYE) last issued its earnings results on Friday, August 9th. The company reported ($0.20) EPS for the quarter, hitting analysts’ consensus estimates of ($0.20). Research analysts forecast that Skye Bioscience will post -1.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Skye Bioscience

In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of the company’s 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 sale, the director now owns 66,277 shares of the company’s stock, valued at $401,638.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Andrew J. Schwab sold 252,500 shares of Skye Bioscience 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 sale, the director now directly owns 66,356 shares in the company, valued at $437,949.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Andrew J. Schwab sold 13,837 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were 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 of the company’s stock, valued at approximately $401,638.62. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by corporate insiders.

Institutional Trading of Skye Bioscience

A number of large investors have recently added to or reduced their stakes in SKYE. Cubist Systematic Strategies LLC purchased a new stake in shares of Skye Bioscience in the second quarter worth approximately $30,000. Point72 DIFC Ltd bought a new position in Skye Bioscience during the second quarter worth about $48,000. Rhumbline Advisers acquired a new stake in shares of Skye Bioscience during the second quarter worth approximately $158,000. AdvisorShares Investments LLC acquired a new position in Skye Bioscience during the 2nd quarter worth $210,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Skye Bioscience during the second quarter worth about $222,000. 21.09% of the stock is currently owned by 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.