Skye Bioscience (NASDAQ:SKYE) Price Target Cut to $14.00 by Analysts at Craig Hallum

Skye Bioscience (NASDAQ:SKYE) had its price objective decreased by stock analysts at Craig Hallum from $18.00 to $14.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock.

Separately, William Blair reaffirmed an “outperform” rating on shares of Skye Bioscience in a report on Friday. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $18.00.

Skye Bioscience Trading Up 14.3 %

Shares of NASDAQ:SKYE traded up $0.27 on Friday, hitting $2.16. The company had a trading volume of 468,507 shares, compared to its average volume of 211,183. The firm’s 50-day simple moving average is $2.69 and its two-hundred day simple moving average is $2.84. Skye Bioscience has a 1 year low of $1.83 and a 1 year high of $17.65.

Skye Bioscience (NASDAQ:SKYE) last issued its quarterly earnings results on Thursday, March 20th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.06. During the same quarter in the prior year, the business earned ($0.36) earnings per share. Equities analysts predict that Skye Bioscience will post -1.04 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Virtu Financial LLC bought a new position in Skye Bioscience during the 4th quarter worth about $29,000. Wells Fargo & Company MN raised its position in shares of Skye Bioscience by 49.0% in 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 during the last quarter. Two Sigma Advisers LP purchased a new position in shares of Skye Bioscience in the 4th quarter valued at approximately $32,000. Squarepoint Ops LLC purchased a new position in shares of Skye Bioscience in the 4th quarter valued at approximately $38,000. Finally, Jane Street Group LLC purchased a new position in Skye Bioscience during the 3rd quarter worth approximately $48,000. 21.09% of the stock is currently owned by 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.