Skye Bioscience (NASDAQ:SKYE) Receives “Overweight” Rating from Piper Sandler

Piper Sandler restated their overweight rating on shares of Skye Bioscience (NASDAQ:SKYE) in a report issued on Friday morning, Benzinga reports. The firm currently has a $20.00 price objective on the stock.

Several other research analysts have also recently commented on SKYE. Craig Hallum assumed coverage on shares of Skye Bioscience in a research report on Tuesday, July 9th. They issued a buy rating and a $18.00 target price for the company. Cantor Fitzgerald reissued an overweight rating and issued a $14.00 price objective on shares of Skye Bioscience in a report on Friday. Finally, JMP Securities assumed coverage on Skye Bioscience in a research note on Tuesday, September 10th. They set an outperform rating and a $15.00 target price on the stock. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of Buy and a consensus price target of $18.40.

Skye Bioscience Stock Performance

Shares of SKYE opened at $3.49 on Friday. Skye Bioscience has a 12 month low of $1.44 and a 12 month high of $19.41. The stock has a fifty day moving average price of $5.75 and a 200 day moving average price of $6.18.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings results on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). On average, equities analysts forecast that Skye Bioscience will post -1.06 EPS for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Skye Bioscience

Several large investors have recently made changes to their positions in the business. Cubist Systematic Strategies LLC acquired a new stake in Skye Bioscience during the second quarter valued at approximately $30,000. Point72 DIFC Ltd bought a new position in shares of Skye Bioscience in the second quarter valued at $48,000. Rhumbline Advisers acquired a new stake in shares of Skye Bioscience during the 2nd quarter valued at $158,000. AdvisorShares Investments LLC bought a new stake in shares of Skye Bioscience during the 2nd quarter worth $210,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Skye Bioscience in the 2nd quarter worth $222,000. Institutional investors own 21.09% of the company’s stock.

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.