Skye Bioscience, Inc. (NASDAQ:SKYE) Given Average Recommendation of “Buy” by Brokerages

Skye Bioscience, Inc. (NASDAQ:SKYE) has earned a consensus recommendation of “Buy” from the six brokerages that are currently covering the company, Marketbeat reports. Six research analysts have rated the stock with a buy rating. The average 1 year price objective among analysts that have covered the stock in the last year is $18.67.

Separately, William Blair assumed coverage on Skye Bioscience in a report on Friday. They issued an “outperform” rating for the company.

Skye Bioscience Price Performance

Shares of SKYE stock opened at $2.68 on Friday. Skye Bioscience has a 12-month low of $2.31 and a 12-month high of $19.41. The business has a 50 day simple moving average of $3.02 and a 200 day simple moving average of $3.17.

Hedge Funds Weigh In On Skye Bioscience

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new position in Skye Bioscience during the 4th quarter valued at $29,000. Wells Fargo & Company MN boosted its stake in Skye Bioscience by 49.0% during the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock valued at $32,000 after purchasing an additional 3,684 shares in the last quarter. Two Sigma Advisers LP bought a new position in Skye Bioscience during the 4th quarter valued at $32,000. Jane Street Group LLC bought a new position in Skye Bioscience during the 3rd quarter valued at $48,000. Finally, Squarepoint Ops LLC bought a new position in Skye Bioscience during the 4th quarter valued at $38,000. 21.09% of the stock is owned by 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.