Skye Bioscience (NASDAQ:SKYE) Stock Price Down 50.8% – Here’s Why

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) dropped 50.8% on Thursday . The stock traded as low as $2.63 and last traded at $1.34. Approximately 61,166 shares changed hands during trading, a decline of 73% from the average daily volume of 225,817 shares. The stock had previously closed at $2.73.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SKYE. William Blair reissued an “outperform” rating on shares of Skye Bioscience in a research note on Friday, March 21st. Craig Hallum decreased their price objective on Skye Bioscience from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, March 21st. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Skye Bioscience has a consensus rating of “Buy” and a consensus price target of $18.00.

Skye Bioscience Stock Performance

The business’s fifty day moving average is $1.89 and its 200-day moving average is $2.54. The firm has a market cap of $41.51 million, a P/E ratio of -1.86 and a beta of 1.88.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly 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 prior year, the company posted ($0.36) EPS. Analysts predict that Skye Bioscience, Inc. will post -1.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Skye Bioscience

A number of hedge funds have recently made changes to their positions in SKYE. Wells Fargo & Company MN increased its position in Skye Bioscience by 49.0% during the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock valued at $32,000 after purchasing an additional 3,684 shares during the period. Virtu Financial LLC bought a new stake in shares of Skye Bioscience in the 4th quarter valued at $29,000. Bank of America Corp DE boosted its stake in shares of Skye Bioscience by 37.4% in the 4th quarter. Bank of America Corp DE now owns 39,257 shares of the company’s stock valued at $111,000 after purchasing an additional 10,696 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Skye Bioscience by 20.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company’s stock worth $176,000 after buying an additional 10,707 shares during the period. Finally, Two Sigma Advisers LP bought a new position in Skye Bioscience during the fourth quarter worth $32,000. 21.09% of the stock is currently owned by 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.