AdvisorShares Investments LLC Acquires New Position in Skye Bioscience, Inc. (NASDAQ:SKYE)

AdvisorShares Investments LLC acquired a new stake in Skye Bioscience, Inc. (NASDAQ:SKYE) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 26,000 shares of the company’s stock, valued at approximately $210,000. AdvisorShares Investments LLC owned 0.09% of Skye Bioscience at the end of the most recent reporting period.

Separately, Rhumbline Advisers purchased a new stake in shares of Skye Bioscience in the second quarter valued at approximately $158,000. 21.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on SKYE. Craig Hallum began coverage on Skye Bioscience in a research report on Tuesday, July 9th. They set a “buy” rating and a $18.00 target price for the company. JMP Securities initiated coverage on shares of Skye Bioscience in a research note on Tuesday. They issued an “outperform” rating and a $15.00 price objective for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $14.00 target price on shares of Skye Bioscience in a research report on Friday, September 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Skye Bioscience has an average rating of “Buy” and a consensus target price of $18.40.

Skye Bioscience Price Performance

SKYE opened at $6.35 on Thursday. Skye Bioscience, Inc. has a 12 month low of $1.44 and a 12 month high of $19.41. The stock has a fifty day moving average price of $5.63 and a 200-day moving average price of $6.88.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings results on Friday, August 9th. The company reported ($0.20) EPS for the quarter, meeting the consensus estimate of ($0.20). Analysts expect that Skye Bioscience, Inc. will post -1.06 earnings per share for the current year.

Skye Bioscience 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.