Skye Bioscience, Inc. to Post FY2024 Earnings of ($0.77) Per Share, Cantor Fitzgerald Forecasts (NASDAQ:SKYE)

Skye Bioscience, Inc. (NASDAQ:SKYE) – Research analysts at Cantor Fitzgerald increased their FY2024 earnings per share (EPS) estimates for Skye Bioscience in a note issued to investors on Tuesday, June 11th. Cantor Fitzgerald analyst K. Kluska now anticipates that the company will post earnings of ($0.77) per share for the year, up from their previous forecast of ($1.09). Cantor Fitzgerald currently has a “Overweight” rating and a $21.00 target price on the stock. The consensus estimate for Skye Bioscience’s current full-year earnings is ($0.95) per share.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings results on Friday, May 10th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.02).

Several other brokerages have also commented on SKYE. Oppenheimer initiated coverage on Skye Bioscience in a report on Friday, April 12th. They issued an “outperform” rating and a $25.00 price objective for the company. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 price objective (up previously from $12.00) on shares of Skye Bioscience in a report on Thursday, March 14th.

Skye Bioscience Stock Performance

SKYE stock opened at $10.48 on Friday. Skye Bioscience has a 1-year low of $1.44 and a 1-year high of $19.41. The business has a fifty day moving average price of $11.57 and a 200-day moving average price of $11.90.

About Skye Bioscience

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.