Skye Bioscience’s (SKYE) “Overweight” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Skye Bioscience (NASDAQ:SKYE) in a report issued on Friday, Benzinga reports. The firm currently has a $14.00 target price on the stock.

Other equities analysts also recently issued research reports about the stock. JMP Securities began coverage on shares of Skye Bioscience in a research report on Tuesday, September 10th. They set an outperform rating and a $15.00 price objective for the company. Craig Hallum began coverage on shares of Skye Bioscience in a research report on Tuesday, July 9th. They set a buy rating and a $18.00 price objective for the company. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of Buy and a consensus target price of $18.40.

Skye Bioscience Trading Down 42.8 %

Shares of NASDAQ:SKYE opened at $3.14 on Friday. The firm has a fifty day moving average price of $5.81 and a 200 day moving average price of $6.28. Skye Bioscience has a 1-year low of $1.44 and a 1-year high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last issued its quarterly earnings results on Friday, August 9th. The company reported ($0.20) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.20). On average, research analysts forecast that Skye Bioscience will post -1.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Andrew J. Schwab sold 13,837 shares of the stock in a transaction dated 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 owns 66,277 shares in the company, valued at approximately $401,638.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Andrew J. Schwab sold 13,837 shares of the stock in a transaction dated 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 owns 66,277 shares in the company, valued at approximately $401,638.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction dated 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 transaction, the director now owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. The disclosure for this sale can be found here. 0.73% of the stock is owned by insiders.

Hedge Funds Weigh In On Skye Bioscience

A number of large investors have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC acquired a new position in Skye Bioscience during the second quarter worth about $30,000. Point72 DIFC Ltd purchased a new position in shares of Skye Bioscience during the 2nd quarter worth approximately $48,000. Rhumbline Advisers purchased a new position in shares of Skye Bioscience during the 2nd quarter worth approximately $158,000. AdvisorShares Investments LLC purchased a new stake in Skye Bioscience in the 2nd quarter valued at approximately $210,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Skye Bioscience during the 2nd quarter valued at $222,000. Hedge funds and other institutional investors 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.