Skye Bioscience (NASDAQ:SKYE) Issues Quarterly Earnings Results

Skye Bioscience (NASDAQ:SKYE) announced its quarterly earnings results on Friday. The company reported $0.01 earnings per share (EPS) for the quarter, FiscalAI reports.

Skye Bioscience Stock Up 0.9%

Shares of NASDAQ SKYE traded up $0.01 during trading on Friday, reaching $1.09. The company had a trading volume of 65,157 shares, compared to its average volume of 118,122. The stock has a market cap of $4.83 million, a P/E ratio of -0.11 and a beta of 3.13. The company’s fifty day moving average price is $1.55 and its 200-day moving average price is $4.52. Skye Bioscience has a 12 month low of $0.50 and a 12 month high of $11.68.

Insider Transactions at Skye Bioscience

In related news, Director Andrew Schwab sold 119,379 shares of Skye Bioscience stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $1.61, for a total value of $192,200.19. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder 5Am Partners Vii, Llc sold 119,379 shares of Skye Bioscience stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $1.61, for a total value of $192,200.19. The SEC filing for this sale provides additional information. Insiders have sold 457,900 shares of company stock valued at $889,198 over the last 90 days. 6.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Separately, Weiss Ratings cut shares of Skye Bioscience from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, August 27th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold”.

About Skye Bioscience

Skye Bioscience, Inc. is a clinical-stage biopharmaceutical company focused on developing therapies that modulate the endocannabinoid system, a network involved in metabolism, inflammation and immune regulation. The company is based in San Diego, California, and develops drug candidates for conditions in which endocannabinoid signaling may contribute to disease. Skye’s lead program is nimacimab, an investigational monoclonal antibody designed to inhibit the cannabinoid 1 (CB1) receptor outside the central nervous system.