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

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have received an average rating of “Buy” from the seven ratings firms that are currently covering the firm, Marketbeat.com reports. Seven equities research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $18.67.

Separately, William Blair started coverage on Skye Bioscience in a report on Friday, February 28th. They set an “outperform” rating on the stock.

Hedge Funds Weigh In On Skye Bioscience

A number of hedge funds have recently bought and sold shares of SKYE. Squarepoint Ops LLC acquired a new stake in Skye Bioscience during the 4th quarter worth about $38,000. Two Sigma Advisers LP acquired a new stake in Skye Bioscience in the fourth quarter worth $32,000. Deutsche Bank AG raised its holdings in shares of Skye Bioscience by 365.0% during the fourth quarter. Deutsche Bank AG now owns 40,835 shares of the company’s stock valued at $116,000 after purchasing an additional 32,054 shares during the period. Bridgeway Capital Management LLC boosted its holdings in Skye Bioscience by 26.3% in the fourth quarter. Bridgeway Capital Management LLC now owns 72,000 shares of the company’s stock worth $204,000 after acquiring an additional 15,000 shares in the last quarter. Finally, Braidwell LP bought a new position in shares of Skye Bioscience in the 4th quarter worth $2,337,000. Institutional investors own 21.09% of the company’s stock.

Skye Bioscience Trading Up 2.0 %

Shares of NASDAQ:SKYE opened at $2.56 on Friday. Skye Bioscience has a 52 week low of $2.31 and a 52 week high of $18.00. The firm’s fifty day moving average is $3.01 and its 200-day moving average is $3.11.

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.