Skye Bioscience (NASDAQ:SKYE) Given New $14.00 Price Target at Craig Hallum

Skye Bioscience (NASDAQ:SKYE) had its price target trimmed by Craig Hallum from $18.00 to $14.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, William Blair reiterated an “outperform” rating on shares of Skye Bioscience in a research note on Friday. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Skye Bioscience presently has a consensus rating of “Buy” and an average target price of $18.00.

Skye Bioscience Price Performance

Shares of Skye Bioscience stock traded up $0.27 on Friday, hitting $2.16. The stock had a trading volume of 468,507 shares, compared to its average volume of 211,183. Skye Bioscience has a twelve month low of $1.83 and a twelve month high of $17.65. The business’s 50 day moving average is $2.69 and its two-hundred day moving average is $2.84.

Skye Bioscience (NASDAQ:SKYE) last issued its quarterly earnings results on Thursday, March 20th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.06. During the same period in the prior year, the firm earned ($0.36) earnings per share. Equities research analysts expect that Skye Bioscience will post -1.04 EPS for the current year.

Institutional Investors Weigh In On Skye Bioscience

Several institutional investors and hedge funds have recently added to or reduced their stakes in SKYE. BNP Paribas Financial Markets lifted its stake in Skye Bioscience by 71.1% during the third quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock worth $185,000 after purchasing an additional 19,704 shares during the last quarter. Baker BROS. Advisors LP increased its holdings in shares of Skye Bioscience by 186.9% during the third quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock worth $5,609,000 after buying an additional 934,634 shares in the last quarter. State Street Corp increased its holdings in shares of Skye Bioscience by 7.0% during the third quarter. State Street Corp now owns 354,205 shares of the company’s stock worth $1,385,000 after buying an additional 23,201 shares in the last quarter. Sphera Funds Management LTD. increased 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 buying an additional 265,210 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in shares of Skye Bioscience during the third quarter worth $48,000. 21.09% of the stock is currently owned by institutional investors.

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.