Skye Bioscience, Inc. (NASDAQ:SKYE) Given Average Recommendation of “Buy” by Brokerages

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have earned a consensus rating of “Buy” from the six brokerages that are currently covering the firm, Marketbeat.com reports. Six analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $18.67.

SKYE has been the topic of a number of recent research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $14.00 target price on shares of Skye Bioscience in a research report on Friday, September 20th. Scotiabank started coverage on shares of Skye Bioscience in a research note on Monday, September 30th. They set a “sector outperform” rating and a $20.00 price objective for the company. JMP Securities began coverage on shares of Skye Bioscience in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price objective on the stock. Finally, Piper Sandler restated an “overweight” rating and set a $20.00 target price on shares of Skye Bioscience in a research report on Friday, September 20th.

Skye Bioscience Trading Up 0.9 %

Skye Bioscience stock opened at $3.38 on Friday. The business’s 50-day simple moving average is $4.29 and its two-hundred day simple moving average is $4.62. Skye Bioscience has a fifty-two week low of $2.25 and a fifty-two week high of $19.41.

Insider Activity at Skye Bioscience

In other news, CEO Punit Dhillon sold 82,546 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 transaction of $411,904.54. Following the transaction, the chief executive officer now owns 329,823 shares in the company, valued at $1,645,816.77. This trade represents a 20.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Tuan Tu Diep sold 19,489 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $97,250.11. Following the completion of the sale, the insider now directly owns 82,259 shares of the company’s stock, valued at approximately $410,472.41. The trade was a 19.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 232,431 shares of company stock worth $1,160,360. 3.00% of the stock is owned by company insiders.

Institutional Trading of Skye Bioscience

Institutional investors have recently modified their holdings of the stock. Cubist Systematic Strategies LLC acquired a new position in shares of Skye Bioscience during the 2nd quarter worth about $30,000. Point72 DIFC Ltd purchased a new stake in Skye Bioscience during the 2nd quarter worth approximately $48,000. Jane Street Group LLC acquired a new position in shares of Skye Bioscience during the third quarter valued at approximately $48,000. Rhumbline Advisers purchased a new position in shares of Skye Bioscience in the second quarter valued at approximately $158,000. Finally, BNP Paribas Financial Markets lifted its position in shares of Skye Bioscience by 71.1% in the third quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock valued at $185,000 after acquiring an additional 19,704 shares in the last quarter. Institutional investors and hedge funds 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.