Skye Bioscience (NASDAQ:SKYE) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Skye Bioscience (NASDAQ:SKYE) announced its quarterly earnings results on Thursday. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.06, Zacks reports.

Skye Bioscience Stock Down 5.5 %

Shares of SKYE traded down $0.11 during mid-day trading on Thursday, hitting $1.89. 282,538 shares of the company’s stock were exchanged, compared to its average volume of 171,887. Skye Bioscience has a fifty-two week low of $1.83 and a fifty-two week high of $17.65. The stock’s 50-day moving average is $2.74 and its 200-day moving average is $2.87.

Analysts Set New Price Targets

Separately, William Blair started coverage on shares of Skye Bioscience in a research report on Friday, February 28th. They issued an “outperform” rating on the stock. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $18.67.

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.