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

Skye Bioscience, Inc. (NASDAQ:SKYE) has received an average rating of “Buy” from the six brokerages that are covering the firm, MarketBeat reports. Six research analysts have rated the stock with a buy rating. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $18.67.

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

Skye Bioscience Trading Down 7.4 %

Shares of NASDAQ:SKYE opened at $3.01 on Friday. Skye Bioscience has a 12 month low of $2.25 and a 12 month high of $19.41. The firm’s 50-day moving average is $4.03 and its 200 day moving average is $4.50.

Insider Activity at Skye Bioscience

In other news, insider Tuan Tu Diep sold 19,489 shares of the 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 transaction, the insider now directly owns 82,259 shares in the company, valued at approximately $410,472.41. This trade represents a 19.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul A. Grayson sold 86,244 shares of the business’s 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 $430,357.56. Following the completion of the transaction, the director now directly owns 259,701 shares of the company’s stock, valued at $1,295,907.99. This trade represents a 24.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 232,431 shares of company stock worth $1,160,360 over the last three months. 3.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Logos Global Management LP purchased a new stake in shares of Skye Bioscience during the 2nd quarter worth $10,425,000. Baker BROS. Advisors LP boosted its holdings in shares of Skye Bioscience by 186.9% in the 3rd quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock valued at $5,609,000 after buying an additional 934,634 shares in the last quarter. CVI Holdings LLC purchased a new position in shares of Skye Bioscience in the 2nd quarter worth approximately $5,445,000. Driehaus Capital Management LLC bought a new position in shares of Skye Bioscience during the 2nd quarter worth approximately $5,213,000. Finally, Point72 Asset Management L.P. purchased a new stake in Skye Bioscience during the second quarter valued at approximately $4,486,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

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.