Skye Bioscience, Inc. (NASDAQ:SKYE) Receives $18.67 Consensus Price Target from Analysts

Skye Bioscience, Inc. (NASDAQ:SKYE) has been assigned an average rating of “Buy” from the six ratings firms that are currently covering the company, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokers that have covered the stock in the last year is $18.67.

Separately, William Blair began coverage on shares of Skye Bioscience in a research report on Friday. They set an “outperform” rating for the company.

Skye Bioscience Price Performance

NASDAQ:SKYE opened at $2.68 on Friday. The firm has a 50-day moving average of $3.02 and a 200-day moving average of $3.17. Skye Bioscience has a one year low of $2.31 and a one year high of $19.41.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC purchased a new position in Skye Bioscience during the fourth quarter worth about $29,000. Wells Fargo & Company MN boosted its stake in Skye Bioscience by 49.0% in the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock valued at $32,000 after acquiring an additional 3,684 shares during the last quarter. Two Sigma Advisers LP purchased a new position in Skye Bioscience in the fourth quarter valued at about $32,000. Squarepoint Ops LLC purchased a new position in Skye Bioscience in the fourth quarter valued at about $38,000. Finally, Jane Street Group LLC purchased a new position in Skye Bioscience in the third quarter valued at about $48,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

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.