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

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have been given a consensus recommendation of “Buy” by the six analysts that are presently covering the stock, MarketBeat reports. Six equities research analysts have rated the stock with a buy rating. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $18.67.

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

Insiders Place Their Bets

In related news, CEO Punit Dhillon sold 82,546 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $411,904.54. Following the sale, the chief executive officer now directly owns 329,823 shares of the company’s stock, valued at $1,645,816.77. This represents a 20.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul A. Grayson sold 86,244 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 value of $430,357.56. Following the transaction, the director now directly owns 259,701 shares of the company’s stock, valued at $1,295,907.99. This represents a 24.93 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 232,431 shares of company stock worth $1,160,360. 3.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Skye Bioscience

A number of hedge funds and other institutional investors have recently bought and sold shares of SKYE. Cubist Systematic Strategies LLC purchased a new position in shares of Skye Bioscience during the second quarter valued at approximately $30,000. Point72 DIFC Ltd bought a new position in Skye Bioscience during the 2nd quarter valued at approximately $48,000. Jane Street Group LLC purchased a new position in Skye Bioscience during the third quarter valued at $48,000. Rhumbline Advisers bought a new stake in Skye Bioscience in the second quarter worth $158,000. Finally, AdvisorShares Investments LLC purchased a new stake in shares of Skye Bioscience in the second quarter worth $210,000. Hedge funds and other institutional investors own 21.09% of the company’s stock.

Skye Bioscience Trading Down 7.4 %

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 business’s 50-day moving average price is $4.03 and its 200-day moving average price is $4.50.

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.