Skye Bioscience (NASDAQ:SKYE) Shares Down 0.3% – Here’s Why

Skye Bioscience, Inc. (NASDAQ:SKYE)’s share price fell 0.3% on Thursday . The stock traded as low as $0.70 and last traded at $0.7009. Approximately 49,317 shares traded hands during trading, a decline of 57% from the average session volume of 115,701 shares. The stock had previously closed at $0.7030.

Skye Bioscience Stock Down 1.6%

The company’s fifty day moving average price is $0.76 and its two-hundred day moving average price is $0.79. The company has a market cap of $24.25 million, a price-to-earnings ratio of -0.48 and a beta of 2.94.

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

Institutional Investors Weigh In On Skye Bioscience

Hedge funds and other institutional investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC raised its stake in shares of Skye Bioscience by 121.3% during the second quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after buying an additional 5,989 shares during the last quarter. Dimensional Fund Advisors LP acquired a new position in shares of Skye Bioscience during the third quarter worth about $53,000. Qube Research & Technologies Ltd acquired a new position in Skye Bioscience during the second quarter worth $218,000. XTX Topco Ltd bought a new position in Skye Bioscience in the fourth quarter valued at approximately $40,000. Finally, Two Sigma Investments LP grew its position in shares of Skye Bioscience by 46.2% in the 3rd quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock valued at $363,000 after acquiring an additional 29,163 shares during the period. 21.09% of the stock is owned by institutional investors and hedge funds.

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.