Skye Bioscience (NASDAQ:SKYE) Trades 4.4% Higher

Skye Bioscience, Inc. Share Price (NASDAQ:SKYE – Get Free Report ) rose 4.4% on Wednesday. The company traded as high as $5.63 and last traded at $5.49. About 91,553 shares traded hands during trading, down 52% from the average daily volume of 188,884 shares. Shares previously closed at $5.26.

Changes in Analyst Ratings

A number of equities research analysts have recently issued reports on SKYE shares. Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 target price on shares of Skye Bioscience in a report on Monday, July 1st. Craig Hallum began coverage on shares of Skye Bioscience in a research report on Tuesday, July 9th. They issued a “buy” rating and a $18.00 target price on the stock.

Read the latest stock analysis on Skye Bioscience

Skye Bioscience Share Performance

The firm has a 50 day simple moving average of $5.36 and a two hundred day simple moving average of $8.11.

Skye Bioscience (NASDAQ:SKYE – Get Free Report ) last posted its quarterly earnings results on Friday, August 9th. The company reported ($0.20) EPS for the quarter, meeting analysts’ consensus estimates of ($0.20). On average, equities research analysts expect that Skye Bioscience, Inc. to post -0.95 earnings per share for the current fiscal year.

Institutional Trading of Skye Bioscience

A number of hedge funds and other institutional investors have recently made changes to their positions in SKYE. Bank of New York Mellon Corp bought a new position in Skye Bioscience in the second quarter valued at $471,000. Rhumbline Advisers acquired a new stake in shares of Skye Bioscience in the second quarter valued at $158,000. AdvisorShares Investments LLC bought a new position in Skye Bioscience in the second quarter valued at about $210,000. Logos Global Management LP acquired a new position in Skye Bioscience in the second quarter valued at about $10,425,000. Finally, Point72 DIFC Ltd bought a new stake in Skye Bioscience in the second quarter valued at about $48,000. 21.09% of shares are currently owned by institutional investors.

About Skye Bioscience

(Get a free report)

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.

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