Cantor Fitzgerald Comments on Skye Bioscience, Inc.’s FY2024 Earnings (NASDAQ:SKYE)

Skye Bioscience, Inc. (NASDAQ:SKYE) – Stock analysts at Cantor Fitzgerald raised their FY2024 earnings per share estimates for shares of Skye Bioscience in a research report issued on Tuesday, June 11th. Cantor Fitzgerald analyst K. Kluska now forecasts that the company will earn ($0.77) per share for the year, up from their prior estimate of ($1.09). Cantor Fitzgerald currently has a “Overweight” rating and a $21.00 target price on the stock. The consensus estimate for Skye Bioscience’s current full-year earnings is ($0.95) per share.

A number of other analysts have also issued reports on the company. Piper Sandler restated an “overweight” rating and issued a $20.00 target price (up previously from $12.00) on shares of Skye Bioscience in a report on Thursday, March 14th. Oppenheimer began coverage on Skye Bioscience in a report on Friday, April 12th. They issued an “outperform” rating and a $25.00 target price for the company.

Skye Bioscience Stock Performance

SKYE opened at $10.48 on Friday. The stock has a fifty day moving average of $11.57 and a 200-day moving average of $11.90. Skye Bioscience has a 12-month low of $1.44 and a 12-month high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last released its earnings results on Friday, May 10th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.02).

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.