Skye Bioscience (NASDAQ:SKYE) Director Sells $23,849.00 in Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew Schwab sold 68,140 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $0.35, for a total transaction of $23,849.00. Following the transaction, the director owned 55,254 shares of the company’s stock, valued at $19,338.90. This trade represents a 55.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Skye Bioscience Trading Down 8.3%

Shares of Skye Bioscience stock traded down $0.03 during trading on Thursday, hitting $0.28. The stock had a trading volume of 1,586,567 shares, compared to its average volume of 461,376. Skye Bioscience, Inc. has a 12 month low of $0.28 and a 12 month high of $4.99. The firm has a market cap of $9.93 million, a price-to-earnings ratio of -0.22 and a beta of 2.97. The business’s 50-day moving average is $0.63 and its 200 day moving average is $0.72.

Skye Bioscience’s stock is scheduled to reverse split on Monday, August 24th. The 1-8 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Sunday, August 23rd.

Skye Bioscience (NASDAQ:SKYE) last posted its earnings results on Friday, August 14th. The company reported ($0.27) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.02. As a group, equities analysts expect that Skye Bioscience, Inc. will post -0.93 EPS for the current year.

Institutional Trading of Skye Bioscience

Several institutional investors and hedge funds have recently made changes to their positions in SKYE. Vanguard Group Inc. lifted 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 worth $3,469,000 after acquiring an additional 44,824 shares during the last quarter. Marshall Wace LLP purchased a new position in Skye Bioscience in the second quarter worth $436,000. Two Sigma Investments LP increased its stake in Skye Bioscience by 46.2% in the third 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 last quarter. XTX Topco Ltd bought a new position in Skye Bioscience in the fourth quarter valued at $40,000. Finally, Qube Research & Technologies Ltd purchased a new stake in Skye Bioscience during the second quarter valued at about $218,000. Hedge funds and other institutional investors own 21.09% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Skye Bioscience in a research report on Friday, July 10th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.00.

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.