Skye Bioscience (NASDAQ:SKYE) Rating Reiterated by Piper Sandler

Piper Sandler reissued their overweight rating on shares of Skye Bioscience (NASDAQ:SKYE) in a research note released on Friday morning, Benzinga reports. They currently have a $20.00 price target on the stock.

Several other research analysts have also recently commented on the company. Craig Hallum initiated coverage on Skye Bioscience in a research report on Tuesday, July 9th. They set a buy rating and a $18.00 price target for the company. Cantor Fitzgerald reissued an overweight rating and issued a $14.00 target price on shares of Skye Bioscience in a research note on Friday. Finally, JMP Securities started coverage on shares of Skye Bioscience in a research report on Tuesday, September 10th. They set an outperform rating and a $15.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of Buy and an average target price of $18.40.

Skye Bioscience Price Performance

Shares of Skye Bioscience stock opened at $3.49 on Friday. The business’s 50 day simple moving average is $5.75 and its 200 day simple moving average is $6.18. Skye Bioscience has a 52-week low of $1.44 and a 52-week high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings data on Friday, August 9th. The company reported ($0.20) EPS for the quarter, hitting analysts’ consensus estimates of ($0.20). As a group, equities analysts forecast that Skye Bioscience will post -1.06 earnings per share for the current fiscal year.

Insider Activity at Skye Bioscience

In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of Skye Bioscience stock in a transaction on Friday, September 13th. The shares were sold at an average price of $6.06, for a total transaction of $83,852.22. Following the completion of the transaction, the director now directly owns 66,277 shares of the company’s stock, valued at $401,638.62. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Skye Bioscience news, Director Andrew J. Schwab sold 252,500 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total value of $1,666,500.00. Following the transaction, the director now directly owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Andrew J. Schwab sold 13,837 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $6.06, for a total transaction of $83,852.22. Following the completion of the sale, the director now directly owns 66,277 shares of the company’s stock, valued at approximately $401,638.62. The disclosure for this sale can be found here. 0.73% of the stock is owned by company insiders.

Institutional Trading of Skye Bioscience

Several hedge funds and other institutional investors have recently bought and sold shares of SKYE. Point72 DIFC Ltd acquired a new position in shares of Skye Bioscience during the 2nd quarter worth approximately $48,000. Cubist Systematic Strategies LLC bought a new stake in shares of Skye Bioscience in the second quarter valued at approximately $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Skye Bioscience during the second quarter worth approximately $222,000. Point72 Asset Management L.P. bought a new position in Skye Bioscience during the 2nd quarter worth $4,486,000. Finally, Perceptive Advisors LLC acquired a new position in Skye Bioscience in the 2nd quarter valued at $4,005,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

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.