Cantor Fitzgerald Forecasts Skye Bioscience FY2025 Earnings

Skye Bioscience, Inc. (NASDAQ:SKYE) – Investment analysts at Cantor Fitzgerald issued their FY2025 earnings per share estimates for Skye Bioscience in a research report issued to clients and investors on Tuesday, January 21st. Cantor Fitzgerald analyst K. Kluska forecasts that the company will post earnings of ($1.14) per share for the year. The consensus estimate for Skye Bioscience’s current full-year earnings is ($1.04) per share.

Separately, Scotiabank started coverage on shares of 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. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Skye Bioscience currently has an average rating of “Buy” and a consensus target price of $18.67.

Skye Bioscience Price Performance

Shares of SKYE opened at $2.70 on Wednesday. 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 moving average of $2.78 and a 200 day moving average of $3.93.

Insider Buying and Selling

In related news, insider Tuan Tu Diep sold 19,489 shares of the company’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 $97,250.11. Following the sale, the insider now owns 82,259 shares of the company’s stock, valued at approximately $410,472.41. This represents a 19.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Punit Dhillon sold 82,546 shares of the firm’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 directly owns 329,823 shares of the company’s stock, valued at approximately $1,645,816.77. The trade was a 20.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 232,431 shares of company stock valued at $1,160,360. Corporate insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On Skye Bioscience

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SKYE. Sphera Funds Management LTD. boosted its position in shares of Skye Bioscience by 20.4% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock valued at $6,113,000 after acquiring an additional 265,210 shares during the last quarter. Baker BROS. Advisors LP grew its stake in Skye Bioscience by 186.9% in the 3rd quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock worth $5,609,000 after buying an additional 934,634 shares in the last quarter. Logos Global Management LP bought a new position in shares of Skye Bioscience in the 2nd quarter worth $10,425,000. CVI Holdings LLC purchased a new stake in shares of Skye Bioscience during the 2nd quarter valued at $5,445,000. Finally, Driehaus Capital Management LLC bought a new stake in shares of Skye Bioscience during the 2nd quarter worth $5,213,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

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.