Skye Bioscience (NASDAQ:SKYE) Stock Rating Reaffirmed by Cantor Fitzgerald

Skye Bioscience (NASDAQ:SKYE)‘s stock had its “overweight” rating reiterated by stock analysts at Cantor Fitzgerald in a report released on Friday, Benzinga reports. They currently have a $14.00 target price on the stock. Cantor Fitzgerald’s price objective points to a potential upside of 345.86% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the company. JMP Securities initiated coverage on Skye Bioscience in a report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price objective for the company. Craig Hallum initiated coverage on Skye Bioscience in a report on Tuesday, July 9th. They set a “buy” rating and a $18.00 price objective for the company. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $18.40.

Skye Bioscience Price Performance

Shares of Skye Bioscience stock opened at $3.14 on Friday. The company’s fifty day simple moving average is $5.81 and its two-hundred day simple moving average is $6.28. Skye Bioscience has a 12-month low of $1.44 and a 12-month high of $19.41.

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

Insiders Place Their Bets

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 completion of the sale, the director now directly owns 66,356 shares in the company, valued at approximately $437,949.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 completion of the sale, the director now directly owns 66,356 shares in the company, valued at approximately $437,949.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew J. Schwab sold 13,837 shares of the company’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 sale, the director now owns 66,277 shares of the company’s stock, valued at $401,638.62. The disclosure for this sale can be found here. Company insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Skye Bioscience

A number of hedge funds have recently made changes to their positions in the stock. Point72 DIFC Ltd purchased a new stake in shares of Skye Bioscience during the 2nd quarter worth $48,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Skye Bioscience during the 2nd quarter worth $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Skye Bioscience during the 2nd quarter worth $222,000. Point72 Asset Management L.P. purchased a new stake in shares of Skye Bioscience during the 2nd quarter worth $4,486,000. Finally, Perceptive Advisors LLC acquired a new position in Skye Bioscience during the 2nd quarter valued at about $4,005,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

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.