Skye Bioscience, Inc. (NASDAQ:SKYE) Given Consensus Recommendation of “Buy” by Brokerages

Skye Bioscience, Inc. (NASDAQ:SKYE) has been given a consensus rating of “Buy” by the six ratings firms that are presently covering the company, MarketBeat.com reports. Six research analysts have rated the stock with a buy rating. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $18.67.

Separately, William Blair initiated coverage on Skye Bioscience in a research note on Friday. They set an “outperform” rating for the company.

Institutional Trading of Skye Bioscience

A number of hedge funds have recently modified their holdings of SKYE. Baker BROS. Advisors LP lifted its holdings in shares of Skye Bioscience by 186.9% in the third quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock valued at $5,609,000 after purchasing an additional 934,634 shares in the last quarter. Braidwell LP purchased a new stake in shares of Skye Bioscience in the fourth quarter valued at $2,337,000. Schonfeld Strategic Advisors LLC raised its holdings in shares of Skye Bioscience by 48.3% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 1,422,741 shares of the company’s stock worth $4,026,000 after acquiring an additional 463,644 shares in the last quarter. Sphera Funds Management LTD. raised its holdings in shares of Skye Bioscience by 20.4% during the third quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock worth $6,113,000 after acquiring an additional 265,210 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Skye Bioscience by 365.0% during the fourth quarter. Deutsche Bank AG now owns 40,835 shares of the company’s stock worth $116,000 after acquiring an additional 32,054 shares in the last quarter. Hedge funds and other institutional investors own 21.09% of the company’s stock.

Skye Bioscience Price Performance

SKYE opened at $2.68 on Friday. The business has a fifty day simple moving average of $3.02 and a 200-day simple moving average of $3.17. Skye Bioscience has a fifty-two week low of $2.31 and a fifty-two week 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.