Scotiabank Initiates Coverage on Skye Bioscience (NASDAQ:SKYE)

Scotiabank initiated coverage on shares of Skye Bioscience (NASDAQ:SKYE) in a research report released on Monday, MarketBeat reports. The brokerage issued a sector outperform rating and a $20.00 price objective on the stock.

Other research analysts have also issued research reports about the stock. Cantor Fitzgerald reiterated an overweight rating and issued a $14.00 price objective on shares of Skye Bioscience in a report on Friday, September 20th. Piper Sandler reaffirmed an overweight rating and set a $20.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. Craig Hallum initiated coverage on shares of Skye Bioscience in a research note on Tuesday, July 9th. They issued a buy rating and a $18.00 price objective on the stock. Finally, JMP Securities assumed coverage on Skye Bioscience in a report on Tuesday, September 10th. They issued an outperform rating and a $15.00 price objective for the company. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of Buy and an average price target of $18.67.

Skye Bioscience Stock Up 0.3 %

NASDAQ SKYE opened at $3.58 on Monday. The firm’s fifty day moving average price is $5.07 and its two-hundred day moving average price is $5.64. Skye Bioscience has a fifty-two week low of $1.44 and a fifty-two week high of $19.41.

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

Insider Activity at Skye Bioscience

In other news, Director Andrew J. Schwab sold 252,500 shares of Skye Bioscience 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 completion of the transaction, the director now directly owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Andrew J. Schwab sold 252,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The stock was 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew J. Schwab sold 13,837 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were 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 directly owns 66,277 shares in the company, valued at $401,638.62. The disclosure for this sale can be found here. 0.73% of the stock is owned by company insiders.

Institutional Investors Weigh In On Skye Bioscience

A number of hedge funds have recently added to or reduced their stakes in SKYE. Bank of New York Mellon Corp acquired a new stake in Skye Bioscience in the 2nd quarter valued at $471,000. Rhumbline Advisers acquired a new position in shares of Skye Bioscience during the second quarter valued at about $158,000. AdvisorShares Investments LLC bought a new stake in shares of Skye Bioscience during the second quarter worth about $210,000. Logos Global Management LP acquired a new stake in shares of Skye Bioscience in the 2nd quarter worth about $10,425,000. Finally, Point72 DIFC Ltd bought a new position in Skye Bioscience in the 2nd quarter valued at about $48,000. 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.