Skye Bioscience, Inc. (NASDAQ:SKYE) Receives Average Recommendation of "Buy" from Brokerages

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) have earned an average recommendation of "Buy" from the six research firms that are currently covering the firm, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokers that have covered the stock in the last year is $18.67.Get Skye Bioscience alerts:MarketBeat Week in Review – 10/7 - 10/11Separately, William Blair started coverage on shares of Skye Bioscience in a research report on Friday. They set an "outperform" rating for the company.View Our Latest Stock Report on Skye BioscienceInstitutional Investors Weigh In On Skye BioscienceDon’t Sleep on Skye Bioscience—This Weight Loss Drug Could SoarInstitutional investors and hedge funds have recently modified their holdings of the stock. Virtu Financial LLC purchased a new stake in shares of Skye Bioscience in the 4th quarter worth about $29,000. Wells Fargo & Company MN lifted its position in shares of Skye Bioscience by 49.0% in the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company's stock worth $32,000 after purchasing an additional 3,684 shares during the period. Two Sigma Advisers LP purchased a new stake in shares of Skye Bioscience in the 4th quarter worth about $32,000. Jane Street Group LLC purchased a new stake in shares of Skye Bioscience in the 3rd quarter worth about $48,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Skye Bioscience in the 4th quarter worth about $38,000. 21.09% of the stock is owned by hedge funds and other institutional investors. Skye Bioscience Price PerformanceShares of SKYE opened at $2.68 on Friday. The firm has a fifty day simple moving average of $3.02 and a two-hundred day simple moving average of $3.17. Skye Bioscience has a twelve month low of $2.31 and a twelve month high of $19.41. About Skye Bioscience (Get Free Report3 High-Risk, High-Reward Micro-Cap Stocks You Shouldn't IgnoreSkye 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.Featured StoriesFive stocks we like better than Skye BioscienceWhat is the Hang Seng index? 3 Stocks for Your Watchlist: Unlocking Tomorrow’s Winners TodayStock Average Calculator Why Smart Investors Are Watching These 3 Undervalued StocksTop Biotech Stocks: Exploring Innovation Opportunities3 Stocks Breaking Out with More Growth Potential AheadThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Skye Bioscience Right Now?Before you consider Skye Bioscience, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Skye Bioscience wasn't on the list.While Skye Bioscience currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here