Brokerages Set Skye Bioscience, Inc. (NASDAQ:SKYE) Target Price at $18.67

Skye Bioscience, Inc. (NASDAQ:SKYE) has been assigned a consensus recommendation of “Buy” from the six brokerages that are covering the firm, Marketbeat.com reports. Six equities research analysts have rated the stock with a buy rating. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $18.67.

Separately, William Blair began coverage on shares of Skye Bioscience in a report on Friday. They set an “outperform” rating for the company.

Skye Bioscience Trading Down 3.6 %

Shares of SKYE opened at $2.68 on Friday. The company has a 50-day simple moving average of $3.02 and a 200-day simple moving average of $3.17. Skye Bioscience has a 52-week low of $2.31 and a 52-week high of $19.41.

Hedge Funds Weigh In On Skye Bioscience

Several hedge funds have recently added to or reduced their stakes in the business. Squarepoint Ops LLC purchased a new stake in shares of Skye Bioscience during the fourth quarter worth about $38,000. Two Sigma Advisers LP purchased a new stake in shares of Skye Bioscience during the fourth quarter worth about $32,000. Deutsche Bank AG grew 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 buying an additional 32,054 shares in the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of Skye Bioscience by 26.3% during the fourth quarter. Bridgeway Capital Management LLC now owns 72,000 shares of the company’s stock worth $204,000 after buying an additional 15,000 shares in the last quarter. Finally, Braidwell LP purchased a new stake in shares of Skye Bioscience during the fourth quarter worth about $2,337,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

Skye Bioscience Company Profile

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.