Skye Bioscience, Inc. (NASDAQ:SKYE) Given Consensus Rating of “Buy” by Brokerages

Skye Bioscience, Inc. (NASDAQ:SKYE) has been assigned a consensus recommendation of “Buy” from the six analysts that are presently covering the company, Marketbeat reports. Six equities research analysts have rated the stock with a buy recommendation. The average 1-year price objective among analysts that have covered the stock in the last year is $18.67.

A number of analysts recently commented on the stock. JMP Securities assumed coverage on shares of Skye Bioscience in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 target price for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $14.00 price objective on shares of Skye Bioscience in a report on Friday, September 20th. Scotiabank assumed coverage on Skye Bioscience in a research note on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 target price for the company. Finally, Piper Sandler reiterated an “overweight” rating and set a $20.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th.

Insiders Place Their Bets

In other news, CFO Kaitlyn Arsenault sold 43,206 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $215,597.94. Following the sale, the chief financial officer now owns 166,342 shares of the company’s stock, valued at $830,046.58. This trade represents a 20.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Punit Dhillon sold 82,546 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $411,904.54. Following the completion of the transaction, the chief executive officer now owns 329,823 shares of the company’s stock, valued at approximately $1,645,816.77. This represents a 20.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 232,431 shares of company stock valued at $1,160,360. Company insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On Skye Bioscience

Institutional investors and hedge funds have recently modified their holdings of the business. Cubist Systematic Strategies LLC acquired a new stake in Skye Bioscience in the second quarter valued at approximately $30,000. Point72 DIFC Ltd purchased a new position in shares of Skye Bioscience during the 2nd quarter valued at approximately $48,000. Jane Street Group LLC acquired a new stake in Skye Bioscience in the 3rd quarter valued at $48,000. Rhumbline Advisers purchased a new stake in Skye Bioscience in the 2nd quarter worth $158,000. Finally, BNP Paribas Financial Markets raised its position in shares of Skye Bioscience by 71.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock worth $185,000 after purchasing an additional 19,704 shares during the last quarter. Hedge funds and other institutional investors own 21.09% of the company’s stock.

Skye Bioscience Price Performance

Shares of NASDAQ SKYE opened at $3.01 on Friday. Skye Bioscience has a fifty-two week low of $2.25 and a fifty-two week high of $19.41. The business has a 50-day simple moving average of $4.03 and a two-hundred day simple moving average of $4.50.

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.