5Am Partners Vii, Llc Sells 68,140 Shares of Skye Bioscience (NASDAQ:SKYE) Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) major shareholder 5Am Partners Vii, Llc sold 68,140 shares of Skye Bioscience stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $0.35, for a total value of $23,849.00. Following the sale, the insider owned 55,254 shares of the company’s stock, valued at approximately $19,338.90. This trade represents a 55.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

5Am Partners Vii, Llc also recently made the following trade(s):

• On Thursday, August 20th, 5Am Partners Vii, Llc sold 7,700 shares of Skye Bioscience stock. The stock was sold at an average price of $0.32, for a total transaction of $2,464.00.
• On Tuesday, August 18th, 5Am Partners Vii, Llc sold 300,000 shares of Skye Bioscience stock. The stock was sold at an average price of $0.38, for a total transaction of $114,000.00.

Skye Bioscience Price Performance

Shares of SKYE opened at $0.28 on Friday. Skye Bioscience, Inc. has a 1-year low of $0.26 and a 1-year high of $4.99. The company has a market capitalization of $9.92 million, a P/E ratio of -0.22 and a beta of 2.97. The firm’s 50 day simple moving average is $0.61 and its 200 day simple moving average is $0.71.

Skye Bioscience shares are scheduled to reverse split before the market opens on 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 released its quarterly earnings results on Friday, August 14th. The company reported ($0.27) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.02. On average, equities analysts anticipate that Skye Bioscience, Inc. will post -0.93 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Skye Bioscience by 5.3% during the 3rd quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock valued at $3,469,000 after buying an additional 44,824 shares during the last quarter. Marshall Wace LLP bought a new stake in Skye Bioscience in the 2nd quarter worth $436,000. Two Sigma Investments LP grew its holdings 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 acquiring an additional 29,163 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in Skye Bioscience in the 2nd quarter worth $218,000. Finally, Dimensional Fund Advisors LP purchased a new position in shares of Skye Bioscience in the third quarter valued at about $53,000. 21.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Skye Bioscience Company Profile

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.