Skye Bioscience (NASDAQ:SKYE) Shares Down 1.8%

Skye Bioscience, Inc. (NASDAQ:SKYE)’s stock price was down 1.8% during trading on Wednesday . The company traded as low as $12.32 and last traded at $12.50. Approximately 29,170 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 64,026 shares. The stock had previously closed at $12.73.

Wall Street Analyst Weigh In

Several research firms have issued reports on SKYE. Piper Sandler reiterated an “overweight” rating and set a $20.00 target price (up previously from $12.00) on shares of Skye Bioscience in a research report on Thursday, March 14th. Oppenheimer assumed coverage on Skye Bioscience in a report on Friday, April 12th. They set an “outperform” rating and a $25.00 price objective on the stock.

Skye Bioscience Price Performance

The company has a market capitalization of $154.38 million, a price-to-earnings ratio of -1.17 and a beta of 1.74. The firm’s 50-day simple moving average is $13.52 and its two-hundred day simple moving average is $8.51.

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.