Insider Selling: Skye Bioscience (NASDAQ:SKYE) Director Sells $114,000.00 in Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew Schwab sold 300,000 shares of the company’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $0.38, for a total value of $114,000.00. Following the transaction, the director directly owned 55,663 shares in the company, valued at approximately $21,151.94. The trade was a 84.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Skye Bioscience Price Performance

Skye Bioscience stock opened at $0.28 on Friday. Skye Bioscience, Inc. has a one year low of $0.26 and a one year high of $4.99. The business’s fifty day moving average is $0.61 and its 200 day moving average is $0.71. The stock has a market capitalization of $9.92 million, a PE ratio of -0.22 and a beta of 2.97.

Shares of Skye Bioscience are set to reverse split on the morning of Monday, August 24th. The 1-8 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Sunday, August 23rd.

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

Hedge Funds Weigh In On Skye Bioscience

Large investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC boosted its stake in shares of Skye Bioscience by 121.3% in the second quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after acquiring an additional 5,989 shares during the period. Dimensional Fund Advisors LP purchased a new position in Skye Bioscience in the 3rd quarter worth approximately $53,000. Qube Research & Technologies Ltd purchased a new position in Skye Bioscience in the 2nd quarter worth approximately $218,000. XTX Topco Ltd bought a new position in Skye Bioscience in the 4th quarter worth approximately $40,000. Finally, Two Sigma Investments LP boosted its stake in Skye Bioscience by 46.2% in the 3rd quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock worth $363,000 after purchasing an additional 29,163 shares during the period. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Skye Bioscience in a research note on Friday, July 10th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price 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.