Skye Bioscience (NASDAQ:SKYE) Trading Down 7.3% – Time to Sell?

Skye Bioscience, Inc. (NASDAQ:SKYE)’s share price traded down 7.3% during mid-day trading on Monday . The stock traded as low as $0.7206 and last traded at $0.7295. 186,196 shares were traded during trading, an increase of 3% from the average session volume of 180,631 shares. The stock had previously closed at $0.7872.

Skye Bioscience Stock Performance

The company has a market capitalization of $25.00 million, a P/E ratio of -0.49 and a beta of 2.95. The firm’s fifty day moving average is $0.81 and its 200-day moving average is $0.85.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.03). As a group, analysts expect that Skye Bioscience, Inc. will post -1.07 EPS for the current fiscal year.

Institutional Investors Weigh In On Skye Bioscience

Several hedge funds and other institutional investors have recently made changes to their positions in SKYE. Marshall Wace LLP bought a new stake in shares of Skye Bioscience during the 2nd quarter valued at approximately $436,000. Qube Research & Technologies Ltd bought a new stake in shares of Skye Bioscience during the 2nd quarter valued at approximately $218,000. Tower Research Capital LLC TRC grew its holdings in shares of Skye Bioscience by 121.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock valued at $46,000 after purchasing an additional 5,989 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Skye Bioscience by 5.3% during the 3rd quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock valued at $3,469,000 after purchasing an additional 44,824 shares during the last quarter. Finally, Dimensional Fund Advisors LP bought a new stake in shares of Skye Bioscience during the 3rd quarter valued at approximately $53,000. 21.09% of the stock is owned by institutional investors.

About Skye Bioscience

Skye Bioscience, Inc is a clinical-stage biotechnology company focused on the development of novel, selective cannabinoid type 1 (CB1) receptor modulators for the treatment of ocular diseases. Headquartered in Sunnyvale, California, Skye Bioscience leverages proprietary chemistry and formulation expertise to design and optimize compounds with high potency, tissue selectivity and favorable drug-like properties. The company’s lead product candidate is being evaluated for the treatment of glaucoma and other ophthalmic conditions characterized by elevated intraocular pressure.

Skye Bioscience’s pipeline centers on synthetic cannabinoids engineered to avoid central nervous system side effects commonly associated with traditional cannabinoid therapies.