Craig Hallum Lowers Skye Bioscience (NASDAQ:SKYE) Price Target to $14.00

Skye Bioscience (NASDAQ:SKYE) had its target price reduced by Craig Hallum from $18.00 to $14.00 in a research report report published on Friday morning,Benzinga reports. Craig Hallum currently has a buy rating on the stock.

Separately, William Blair restated an “outperform” rating on shares of Skye Bioscience in a report on Friday. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $18.00.

Skye Bioscience Trading Up 19.0 %

SKYE stock opened at $2.25 on Friday. The firm has a 50 day moving average price of $2.66 and a 200-day moving average price of $2.81. Skye Bioscience has a 52-week low of $1.83 and a 52-week high of $17.65.

Skye Bioscience (NASDAQ:SKYE) last released its earnings results on Thursday, March 20th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.06. During the same quarter in the previous year, the business earned ($0.36) EPS. Research analysts predict that Skye Bioscience will post -1.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Skye Bioscience

A number of hedge funds have recently added to or reduced their stakes in SKYE. Virtu Financial LLC bought a new stake in Skye Bioscience in the 4th quarter worth approximately $29,000. Wells Fargo & Company MN grew its position in Skye Bioscience by 49.0% in the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock worth $32,000 after purchasing an additional 3,684 shares during the period. Two Sigma Advisers LP bought a new stake in Skye Bioscience in the 4th quarter worth approximately $32,000. Squarepoint Ops LLC bought a new stake in Skye Bioscience in the 4th quarter worth approximately $38,000. Finally, Jane Street Group LLC bought a new stake in Skye Bioscience in the 3rd quarter worth approximately $48,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

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.