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

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) have earned an average recommendation of “Buy” from the six research firms that are currently covering the firm, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokers that have covered the stock in the last year is $18.67.

Separately, William Blair started coverage on shares of Skye Bioscience in a research report on Friday. They set an “outperform” rating for the company.

Institutional Investors Weigh In On Skye Bioscience

Institutional investors and hedge funds have recently modified their holdings of the stock. Virtu Financial LLC purchased a new stake in shares of Skye Bioscience in the 4th quarter worth about $29,000. Wells Fargo & Company MN lifted 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 worth $32,000 after purchasing an additional 3,684 shares during the period. Two Sigma Advisers LP purchased a new stake in shares of Skye Bioscience in the 4th quarter worth about $32,000. Jane Street Group LLC purchased a new stake in shares of Skye Bioscience in the 3rd quarter worth about $48,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Skye Bioscience in the 4th quarter worth about $38,000. 21.09% of the stock is owned by hedge funds and other institutional investors.

Skye Bioscience Price Performance

Shares of SKYE opened at $2.68 on Friday. The firm has a fifty day simple moving average of $3.02 and a two-hundred day simple moving average of $3.17. Skye Bioscience has a twelve month low of $2.31 and a twelve month high of $19.41.

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.