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

Skye Bioscience, Inc. (NASDAQ:SKYE) has received a consensus recommendation of “Buy” from the six analysts that are presently covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a buy recommendation. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $18.67.

SKYE has been the subject of a number of recent research reports. Piper Sandler reissued an “overweight” rating and set a $20.00 price objective on shares of Skye Bioscience in a report on Friday, September 20th. Cantor Fitzgerald reiterated an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a report on Friday, September 20th. Scotiabank initiated coverage on Skye Bioscience in a research note on Monday, September 30th. They set a “sector outperform” rating and a $20.00 price objective on the stock. 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 target price for the company.

Skye Bioscience Price Performance

NASDAQ:SKYE opened at $3.01 on Friday. Skye Bioscience has a one year low of $2.25 and a one year high of $19.41. The firm has a 50-day moving average of $4.03 and a 200-day moving average of $4.50.

Insider Activity

In other Skye Bioscience news, Director Paul A. Grayson sold 86,244 shares of the firm’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 $430,357.56. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Kaitlyn Arsenault sold 43,206 shares of the business’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 $215,597.94. Following the completion of the sale, the chief financial officer now owns 166,342 shares in the company, valued at approximately $830,046.58. The trade was a 20.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 232,431 shares of company stock valued at $1,160,360 in the last ninety days. 3.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Skye Bioscience

Several large investors have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC purchased a new position in Skye Bioscience in the 2nd quarter valued at approximately $30,000. Point72 DIFC Ltd bought a new stake in shares of Skye Bioscience during the 2nd quarter valued at $48,000. Jane Street Group LLC bought a new stake in shares of Skye Bioscience during the 3rd quarter valued at $48,000. Rhumbline Advisers purchased a new stake in Skye Bioscience during the 2nd quarter worth about $158,000. Finally, AdvisorShares Investments LLC bought a new position in Skye Bioscience in the 2nd quarter worth about $210,000. Hedge funds and other institutional investors own 21.09% of the company’s stock.

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.