Brokerages Set Skye Bioscience, Inc. (NASDAQ:SKYE) Price Target at $18.00

Skye Bioscience, Inc. (NASDAQ:SKYE) has received an average recommendation of “Buy” from the seven research firms that are currently covering the firm, MarketBeat Ratings reports. Seven research analysts have rated the stock with a buy recommendation. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $18.00.

A number of research firms recently weighed in on SKYE. William Blair reaffirmed an “outperform” rating on shares of Skye Bioscience in a report on Friday. Craig Hallum reduced their target price on Skye Bioscience from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Friday.

Skye Bioscience Price Performance

Shares of NASDAQ SKYE opened at $2.35 on Tuesday. The firm’s 50 day simple moving average is $2.63 and its 200-day simple moving average is $2.80. Skye Bioscience has a 12 month low of $1.83 and a 12 month high of $17.65. The stock has a market capitalization of $71.29 million, a price-to-earnings ratio of -3.26 and a beta of 1.71.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings data on Thursday, March 20th. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.06. During the same quarter in the previous year, the firm posted ($0.36) earnings per share. Analysts anticipate 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 hedge funds have recently made changes to their positions in SKYE. Squarepoint Ops LLC purchased a new stake in shares of Skye Bioscience during the fourth quarter worth approximately $38,000. Two Sigma Advisers LP purchased a new position in Skye Bioscience in the 4th quarter valued at $32,000. Deutsche Bank AG grew its holdings in shares of Skye Bioscience by 365.0% during the fourth quarter. Deutsche Bank AG now owns 40,835 shares of the company’s stock worth $116,000 after buying an additional 32,054 shares in the last quarter. Bridgeway Capital Management LLC raised its position in shares of Skye Bioscience by 26.3% in the fourth quarter. Bridgeway Capital Management LLC now owns 72,000 shares of the company’s stock valued at $204,000 after buying an additional 15,000 shares during the last quarter. Finally, Braidwell LP acquired a new stake in shares of Skye Bioscience in the fourth quarter valued at about $2,337,000. 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.