Skye Bioscience (NASDAQ:SKYE) Receives Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Skye Bioscience (NASDAQ:SKYE) in a research note published on Friday, Benzinga reports. They currently have a $14.00 price objective on the stock.

Other analysts have also issued research reports about the stock. JMP Securities started coverage on shares of Skye Bioscience in a research report on Tuesday, September 10th. They issued an outperform rating and a $15.00 price objective on the stock. Craig Hallum began coverage on shares of Skye Bioscience in a research report on Tuesday, July 9th. They set a buy rating and a $18.00 price target on the stock. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of Buy and a consensus price target of $18.40.

Skye Bioscience Price Performance

SKYE opened at $3.49 on Friday. The business’s 50-day moving average price is $5.75 and its two-hundred day moving average price is $6.18. Skye Bioscience has a 1 year low of $1.44 and a 1 year high of $19.41.

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

Insider Transactions at Skye Bioscience

In related news, Director Andrew J. Schwab sold 13,837 shares of Skye Bioscience stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $6.06, for a total transaction of $83,852.22. Following the completion of the transaction, the director now owns 66,277 shares in the company, valued at $401,638.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Andrew J. Schwab sold 13,837 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $6.06, for a total value of $83,852.22. Following the transaction, the director now owns 66,277 shares of the company’s stock, valued at $401,638.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew J. Schwab sold 252,500 shares of Skye Bioscience stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total value of $1,666,500.00. Following the sale, the director now directly owns 66,356 shares of the company’s stock, valued at $437,949.60. The disclosure for this sale can be found here. 0.73% of the stock is owned by company insiders.

Hedge Funds Weigh In On Skye Bioscience

Hedge funds and other institutional investors have recently made changes to their positions in the company. AdvisorShares Investments LLC bought a new position in Skye Bioscience in the second quarter valued at about $210,000. Cubist Systematic Strategies LLC acquired a new stake in Skye Bioscience in the second quarter valued at approximately $30,000. Point72 Asset Management L.P. bought a new stake in shares of Skye Bioscience during the second quarter worth $4,486,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Skye Bioscience during the second quarter worth $222,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Skye Bioscience during the 2nd quarter valued at $48,000. 21.09% of the stock is currently 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.