Skye Bioscience (NASDAQ:SKYE) Given Outperform Rating at William Blair

William Blair restated their outperform rating on shares of Skye Bioscience (NASDAQ:SKYE) in a research report released on Friday,RTT News reports.

Skye Bioscience Stock Performance

Shares of SKYE stock traded up $0.12 during trading hours on Friday, reaching $2.01. 313,487 shares of the company’s stock were exchanged, compared to its average volume of 210,797. The stock’s 50 day moving average is $2.69 and its 200-day moving average is $2.84. Skye Bioscience has a fifty-two week low of $1.83 and a fifty-two week high of $17.65.

Skye Bioscience (NASDAQ:SKYE) last issued its quarterly earnings results on Thursday, March 20th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.06. During the same period last year, the company earned ($0.36) EPS. Analysts expect that Skye Bioscience will post -1.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Skye Bioscience

A number of large investors have recently made changes to their positions in the business. Wells Fargo & Company MN increased its position in shares of Skye Bioscience by 49.0% during the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock worth $32,000 after purchasing an additional 3,684 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Skye Bioscience in the 4th quarter valued at $29,000. Bank of America Corp DE increased its position in shares of Skye Bioscience by 37.4% in the 4th quarter. Bank of America Corp DE now owns 39,257 shares of the company’s stock valued at $111,000 after acquiring an additional 10,696 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Skye Bioscience by 20.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company’s stock valued at $176,000 after acquiring an additional 10,707 shares during the period. Finally, Two Sigma Advisers LP acquired a new position in shares of Skye Bioscience in the 4th quarter valued at $32,000. 21.09% of the stock is owned by institutional investors and hedge funds.

Skye Bioscience Company Profile

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.