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

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

Skye Bioscience Stock Down 5.5 %

SKYE stock traded down $0.11 during trading on Thursday, reaching $1.89. 282,538 shares of the stock were exchanged, compared to its average volume of 171,887. The firm’s 50 day moving average is $2.74 and its 200 day moving average is $2.87. Skye Bioscience has a twelve month low of $1.83 and a twelve month high of $17.65.

Analyst Ratings Changes

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

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.