Skye Bioscience (NASDAQ:SKYE) Director Andrew Schwab Sells 28,700 Shares of Company Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew Schwab sold 28,700 shares of the stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $1.65, for a total value of $47,355.00. Following the transaction, the director owned 4,528 shares of the company’s stock, valued at approximately $7,471.20. This trade represents a 86.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Skye Bioscience Price Performance

Shares of Skye Bioscience stock opened at $1.70 on Friday. The firm has a market cap of $7.53 million, a price-to-earnings ratio of -0.17 and a beta of 2.90. The stock’s 50-day moving average is $3.13 and its 200-day moving average is $4.97. Skye Bioscience, Inc. has a one year low of $1.50 and a one year high of $39.92.

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

Wall Street Analysts Forecast Growth

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

Skye Bioscience Company Profile

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).