Skye Bioscience (NASDAQ:SKYE) Director Andrew Schwab Sells 33,892 Shares of Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew Schwab sold 33,892 shares of the stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $1.91, for a total transaction of $64,733.72. Following the transaction, the director directly owned 5,616 shares in the company, valued at $10,726.56. This trade represents a 85.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Skye Bioscience Price Performance

Shares of SKYE opened at $1.76 on Friday. Skye Bioscience, Inc. has a one year low of $1.50 and a one year high of $39.92. The company has a market cap of $7.82 million, a PE ratio of -0.17 and a beta of 2.90. The stock has a 50-day moving average of $3.39 and a 200-day moving average of $5.09.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings results on Friday, August 14th. The company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.02. Analysts expect that Skye Bioscience, Inc. will post -5.04 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded shares of Skye Bioscience from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 27th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $64.00.

About Skye Bioscience

Skye Bioscience, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that modulate the endocannabinoid system, a network involved in metabolism, inflammation and other physiological processes. The company’s research is centered on therapies designed to influence cannabinoid receptors outside the central nervous system, with the goal of addressing disease while avoiding certain side effects associated with earlier centrally acting cannabinoid drugs.

Skye’s lead investigational product is nimacimab, a monoclonal antibody that targets the cannabinoid receptor 1 (CB1).