Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) shares were up 5.3% during mid-day trading on Wednesday . The company traded as high as $5.20 and last traded at $5.20. Approximately 168,072 shares were traded during trading, a decline of 72% from the average daily volume of 597,993 shares. The stock had previously closed at $4.94.
SKYE has been the subject of several research reports. Craig Hallum assumed coverage on shares of Skye Bioscience in a research report on Tuesday, July 9th. They issued a "buy" rating and a $18.00 price target for the company. Cantor Fitzgerald restated an "overweight" rating and issued a $14.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. Piper Sandler reaffirmed an "overweight" rating and set a $20.00 price objective on shares of Skye Bioscience in a research report on Friday, September 20th. Scotiabank began coverage on Skye Bioscience in a research note on Monday, September 30th. They set a "sector outperform" rating and a $20.00 price target for the company. Finally, JMP Securities initiated coverage on shares of Skye Bioscience in a research report on Tuesday, September 10th. They issued an "outperform" rating and a $15.00 price objective on the stock. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $18.67.
Get Our Latest Analysis on Skye Bioscience
The business has a fifty day simple moving average of $4.07 and a 200 day simple moving average of $5.13.
Skye Bioscience (NASDAQ:SKYE - Get Free Report) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.20) EPS for the quarter, hitting analysts' consensus estimates of ($0.20). Equities research analysts expect that Skye Bioscience, Inc. will post -1.06 EPS for the current year.
In other news, Director Andrew J. Schwab sold 13,837 shares of the firm's stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.06, for a total value of $83,852.22. Following the completion of the transaction, the director now owns 66,277 shares in the company, valued at $401,638.62. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Andrew J. Schwab sold 13,837 shares of Skye Bioscience stock in a transaction that occurred on Friday, September 13th. The stock was 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 in the company, valued at $401,638.62. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total value of $1,666,500.00. Following the sale, the director now owns 66,356 shares in the company, valued at approximately $437,949.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of SKYE. Perceptive Advisors LLC purchased a new position in shares of Skye Bioscience during the second quarter valued at approximately $4,005,000. Point72 Asset Management L.P. acquired a new stake in shares of Skye Bioscience during the second quarter worth $4,486,000. CVI Holdings LLC purchased a new stake in shares of Skye Bioscience in the second quarter valued at $5,445,000. Logos Global Management LP purchased a new position in Skye Bioscience during the second quarter worth about $10,425,000. Finally, Driehaus Capital Management LLC acquired a new stake in Skye Bioscience in the 2nd quarter worth about $5,213,000. 21.09% of the stock is owned by institutional investors and hedge funds.
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.
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