Skye Bioscience (NASDAQ:SKYE) Director Sells $23,849.00 in Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew Schwab sold 68,140 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $0.35, for a total value of $23,849.00. Following the transaction, the director directly owned 55,254 shares of the company’s stock, valued at $19,338.90. This represents a 55.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Skye Bioscience Stock Performance

Shares of Skye Bioscience stock opened at $0.28 on Friday. The business’s 50 day simple moving average is $0.61 and its 200 day simple moving average is $0.71. Skye Bioscience, Inc. has a 52-week low of $0.26 and a 52-week high of $4.99. The firm has a market cap of $9.92 million, a PE ratio of -0.22 and a beta of 2.97.

Skye Bioscience shares are set 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) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.02. As a group, equities research analysts predict that Skye Bioscience, Inc. will post -0.93 EPS for the current year.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Skye Bioscience in a report on Friday, July 10th. Two 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’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $8.00.

Institutional Trading of Skye Bioscience

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

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.