Short Interest in Skye Bioscience, Inc. (NASDAQ:SKYE) Decreases By 89.3%

Skye Bioscience, Inc. (NASDAQ:SKYE) was the recipient of a significant decline in short interest during the month of August. As of August 31st, there was short interest totaling 128,781 shares, a decline of 89.3% from the August 15th total of 1,203,600 shares. Currently, 3.1% of the shares of the stock are short sold. Based on an average daily volume of 217,817 shares, the days-to-cover ratio is currently 0.6 days.

Insiders Place Their Bets

In other news, major shareholder 5Am Partners Vii, Llc sold 37,500 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $3.04, for a total value of $114,000.00. Following the sale, the insider directly owned 6,957 shares in the company, valued at $21,149.28. This represents a 84.35% 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. Also, Director Andrew J. Schwab sold 37,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $3.04, for a total transaction of $114,000.00. Following the transaction, the director directly owned 6,957 shares of the company’s stock, valued at approximately $21,149.28. This trade represents a 84.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 93,958 shares of company stock worth $280,621. 6.20% of the stock is owned by company insiders.

Institutional Trading of Skye Bioscience

A number of hedge funds have recently bought and sold shares of the company. Tower Research Capital LLC TRC grew its stake in Skye Bioscience by 121.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after acquiring an additional 5,989 shares during the period. Dimensional Fund Advisors LP purchased a new position in shares of Skye Bioscience during the 3rd quarter worth $53,000. Two Sigma Investments LP boosted its holdings in shares of Skye Bioscience by 46.2% during the third 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. Vanguard Group Inc. boosted its holdings in shares of 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 purchasing an additional 44,824 shares during the last quarter. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of Skye Bioscience in the second quarter valued at $218,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

Skye Bioscience Trading Down 6.7%

SKYE stock traded down $0.15 during trading on Thursday, hitting $2.08. The stock had a trading volume of 47,736 shares, compared to its average volume of 197,250. The company’s 50 day moving average price is $3.84 and its two-hundred day moving average price is $5.26. Skye Bioscience has a 1-year low of $1.64 and a 1-year high of $39.92.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings results on Friday, August 14th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.02. Research analysts forecast that Skye Bioscience will post -7.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Weiss Ratings lowered Skye Bioscience from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, August 27th. Two equities research 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $64.00.

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.