Last Updated: 17 Sep 2024
Executive Summary
Skye Bioscience, Inc. (SKYE) is a clinical-stage biopharmaceutical company focused on discovering, developing, and commercializing therapeutic drugs that modulate the endocannabinoid system. The company's latest stock price is $5.8, and analysts have set a target price of $17.6, indicating a potential upside of over 200%.
Company Overview
Skye Bioscience is headquartered in San Diego, California, and has a market capitalization of $182 million. The company's primary focus is on developing novel therapies for a range of conditions, including pain, inflammation, and neurodegenerative diseases.
Fundamental Analysis
Revenue: SKYE has yet to generate any revenue from its operations.
Earnings: The company reported a loss per share of $3.6 in the latest quarter.
Profitability: SKYE has negative profit margins and operating margins.
Balance Sheet: The company has a book value of $2.594 per share.
Technical Analysis
Support and Resistance Levels: SKYE has a strong support level at $5.00 and a resistance level at $7.00.
Moving Averages: The stock's 50-day moving average is $5.76, and its 200-day moving average is $7.97.
Relative Strength Index (RSI): The RSI is currently at 45.6, indicating that the stock is neither overbought nor oversold.
Short Term Outlook
In the short term, SKYE's stock price is likely to remain range-bound between $5.00 and $7.00. The company's lack of revenue and profitability may weigh on its stock performance.
Long Term Outlook
The long-term outlook for SKYE is more positive. The company's pipeline of novel therapies has the potential to generate significant revenue in the future. If SKYE can successfully commercialize its products, its stock price could rise substantially.
Analyst Recommendations
Analysts have a bullish view on SKYE's stock. Of the four analysts covering the company, one has a "Strong Buy" rating, three have "Buy" ratings, and none have "Hold," "Sell," or "Strong Sell" ratings. The average analyst target price is $17.6.
