Brokerages Set Skye Bioscience, Inc. (NASDAQ:SKYE) Price Target at $18.67

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have earned a consensus rating of “Buy” from the six ratings firms that are covering the firm, MarketBeat reports. Six research analysts have rated the stock with a buy rating. The average twelve-month price target among brokerages that have covered the stock in the last year is $18.67.

Several brokerages have weighed in on SKYE. Scotiabank began coverage on Skye Bioscience in a report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 price objective for the company. Piper Sandler restated an “overweight” rating and issued a $20.00 price objective on shares of Skye Bioscience in a report on Friday, September 20th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 target price on shares of Skye Bioscience in a report on Friday, September 20th. Finally, JMP Securities began coverage on shares of Skye Bioscience in a research report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 target price for the company.

Insider Transactions at Skye Bioscience

In related news, Director Andrew J. Schwab sold 252,500 shares of the business’s 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 completion of the transaction, the director now directly owns 66,356 shares in the company, valued at approximately $437,949.60. The trade was a 79.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul A. Grayson sold 86,244 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $430,357.56. Following the sale, the director now directly owns 259,701 shares of the company’s stock, valued at approximately $1,295,907.99. The trade was a 24.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 498,768 shares of company stock valued at $2,910,713 over the last three months. 3.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Skye Bioscience

Several hedge funds and other institutional investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC bought a new position in shares of Skye Bioscience during the second quarter worth about $30,000. Point72 DIFC Ltd acquired a new stake in shares of Skye Bioscience in the second quarter valued at approximately $48,000. Jane Street Group LLC bought a new stake in shares of Skye Bioscience in the third quarter worth $48,000. Rhumbline Advisers acquired a new position in Skye Bioscience during the second quarter worth $158,000. Finally, AdvisorShares Investments LLC bought a new position in Skye Bioscience in the second quarter valued at $210,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

Skye Bioscience Stock Performance

SKYE stock opened at $4.12 on Tuesday. Skye Bioscience has a twelve month low of $1.44 and a twelve month high of $19.41. The business has a fifty day moving average of $5.06 and a 200-day moving average of $4.99.

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.