Skye Bioscience (NASDAQ:SKYE) Rating Reiterated by Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Skye Bioscience (NASDAQ:SKYE) in a research report released on Friday morning, Benzinga reports. The brokerage currently has a $14.00 price objective on the stock.

Separately, Craig Hallum started coverage on shares of Skye Bioscience in a research report on Tuesday, July 9th. They set a buy rating and a $18.00 price objective for the company.

Skye Bioscience Stock Up 8.7 %

Shares of NASDAQ:SKYE opened at $6.35 on Friday. Skye Bioscience has a fifty-two week low of $1.44 and a fifty-two week high of $19.41. The firm has a 50-day simple moving average of $5.52 and a 200 day simple moving average of $6.96.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings data on Friday, August 9th. The company reported ($0.20) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.20). As a group, analysts expect that Skye Bioscience will post -1.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cubist Systematic Strategies LLC acquired a new position in Skye Bioscience during the 2nd quarter valued at about $30,000. Point72 Asset Management L.P. acquired a new position in Skye Bioscience during the 2nd quarter valued at about $4,486,000. Driehaus Capital Management LLC acquired a new position in Skye Bioscience during the 2nd quarter valued at about $5,213,000. Perceptive Advisors LLC acquired a new position in Skye Bioscience during the 2nd quarter valued at about $4,005,000. Finally, Rhumbline Advisers acquired a new stake in shares of Skye Bioscience in the 2nd quarter worth approximately $158,000. 21.09% of the stock is owned by institutional investors and hedge funds.

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.