Skye Bioscience (NASDAQ:SKYE) Stock Scheduled to Reverse Split on Monday, August 24th

Skye Bioscience, Inc. (NASDAQ:SKYE)’s stock is going 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 market closes on Sunday, August 23rd.

Skye Bioscience Stock Down 14.8%

Shares of Skye Bioscience stock opened at $0.31 on Thursday. The business has a 50-day moving average price of $0.63 and a 200 day moving average price of $0.72. Skye Bioscience has a fifty-two week low of $0.28 and a fifty-two week high of $4.99. The firm has a market cap of $10.83 million, a P/E ratio of -0.24 and a beta of 2.97.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings data 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, equities research analysts anticipate that Skye Bioscience will post -0.93 earnings per share for the current year.

Analyst Ratings Changes

Separately, Weiss Ratings reissued 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 issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.00.

Institutional Trading of Skye Bioscience

Institutional investors and hedge funds have recently made changes to their positions in the stock. XTX Topco Ltd bought a new stake in shares of Skye Bioscience in the 4th quarter worth approximately $40,000. Two Sigma Investments LP grew its stake in Skye Bioscience by 46.2% during the 3rd quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock worth $363,000 after buying an additional 29,163 shares during the last quarter. Vanguard Group Inc. grew its stake in 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 buying an additional 44,824 shares during the last quarter. Marshall Wace LLP acquired a new stake in Skye Bioscience in the second quarter worth $436,000. Finally, Qube Research & Technologies Ltd acquired a new stake in Skye Bioscience in the second quarter worth $218,000. 21.09% of the stock is currently 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.