Cantor Fitzgerald Predicts Skye Bioscience FY2025 Earnings

Skye Bioscience, Inc. (NASDAQ:SKYE) – Cantor Fitzgerald issued their FY2025 EPS estimates for shares of Skye Bioscience in a report released on Tuesday, January 21st. Cantor Fitzgerald analyst K. Kluska forecasts that the company will post earnings per share of ($1.14) for the year. The consensus estimate for Skye Bioscience’s current full-year earnings is ($1.04) per share.

Separately, Scotiabank began coverage on Skye Bioscience in a research report on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 price target on the stock. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $18.67.

Skye Bioscience Trading Up 1.5 %

Shares of NASDAQ SKYE opened at $2.70 on Wednesday. Skye Bioscience has a 12-month low of $2.25 and a 12-month high of $19.41. The business’s fifty day simple moving average is $2.78 and its 200-day simple moving average is $3.93.

Insider Activity at Skye Bioscience

In other news, Director Paul A. Grayson sold 86,244 shares of the company’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 completion of the transaction, the director now owns 259,701 shares in the company, valued at approximately $1,295,907.99. This represents a 24.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Punit Dhillon sold 82,546 shares of Skye Bioscience stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $411,904.54. Following the sale, the chief executive officer now owns 329,823 shares in the company, valued at $1,645,816.77. This represents a 20.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 232,431 shares of company stock valued at $1,160,360 over the last quarter. 3.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Skye Bioscience

Hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets boosted its stake in Skye Bioscience by 71.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock worth $185,000 after purchasing an additional 19,704 shares during the period. Geode Capital Management LLC raised its holdings in shares of Skye Bioscience by 4.2% in the third quarter. Geode Capital Management LLC now owns 385,793 shares of the company’s stock valued at $1,509,000 after buying an additional 15,614 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Skye Bioscience during the third quarter worth about $48,000. Barclays PLC grew its holdings in shares of Skye Bioscience by 36.7% during the third quarter. Barclays PLC now owns 57,889 shares of the company’s stock worth $226,000 after buying an additional 15,551 shares during the last quarter. Finally, Perceptive Advisors LLC purchased a new position in shares of Skye Bioscience during the second quarter worth about $4,005,000. 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.