Skye Bioscience (NASDAQ:SKYE) Rating Reiterated by Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Skye Bioscience (NASDAQ:SKYE) in a report released on Friday morning, Benzinga reports. Piper Sandler currently has a $20.00 price target on the stock.

SKYE has been the topic of several other reports. Cantor Fitzgerald reissued an overweight rating and issued a $14.00 price objective on shares of Skye Bioscience in a research report on Friday. JMP Securities initiated coverage on Skye Bioscience in a research note on Tuesday, September 10th. They issued an outperform rating and a $15.00 target price for the company. Finally, Craig Hallum initiated coverage on Skye Bioscience in a research report on Tuesday, July 9th. They set a buy rating and a $18.00 price target on the stock. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Skye Bioscience currently has a consensus rating of Buy and an average target price of $18.40.

Skye Bioscience Trading Up 11.1 %

Shares of NASDAQ:SKYE opened at $3.49 on Friday. The stock has a 50-day simple moving average of $5.75 and a 200-day simple moving average of $6.18. Skye Bioscience has a 1 year low of $1.44 and a 1 year high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). On average, equities analysts predict that Skye Bioscience will post -1.06 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Andrew J. Schwab sold 252,500 shares of the business’s stock in a transaction dated 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 transaction, the director now owns 66,356 shares in the company, valued at $437,949.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Andrew J. Schwab sold 252,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the completion of the sale, the director now owns 66,356 shares of the company’s stock, valued at $437,949.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrew J. Schwab sold 13,837 shares of Skye Bioscience stock in a transaction 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 sale, the director now owns 66,277 shares of the company’s stock, valued at approximately $401,638.62. The disclosure for this sale can be found here. Insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Skye Bioscience

A number of institutional investors have recently modified their holdings of SKYE. Point72 DIFC Ltd bought a new stake in Skye Bioscience in the second quarter valued at about $48,000. Cubist Systematic Strategies LLC acquired a new position in shares of Skye Bioscience in the 2nd quarter worth approximately $30,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Skye Bioscience in the 2nd quarter valued at approximately $222,000. Point72 Asset Management L.P. acquired a new stake in shares of Skye Bioscience during the 2nd quarter valued at approximately $4,486,000. Finally, Perceptive Advisors LLC bought a new position in Skye Bioscience during the second quarter worth $4,005,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

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.