Skye Bioscience (NASDAQ:SKYE) Announces Earnings Results, Meets Estimates

Skye Bioscience (NASDAQ:SKYE) released its earnings results on Friday. The company reported ($0.20) EPS for the quarter, meeting analysts’ consensus estimates of ($0.20), Zacks reports.

Skye Bioscience Price Performance

Shares of SKYE traded up $0.08 during mid-day trading on Monday, reaching $4.60. 100,900 shares of the company’s stock were exchanged, compared to its average volume of 117,851. Skye Bioscience has a 52-week low of $1.44 and a 52-week high of $19.41. The stock’s 50-day simple moving average is $5.81.

Analyst Upgrades and Downgrades

SKYE has been the topic of several recent analyst reports. Craig Hallum initiated coverage on shares of Skye Bioscience in a research report on Tuesday, July 9th. They set a “buy” rating and a $18.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $14.00 target price on shares of Skye Bioscience in a research report on Monday, July 1st.

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.