Andrew J. Schwab Sells 252,500 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew J. Schwab sold 252,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total value of $1,666,500.00. Following the sale, the director now owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Skye Bioscience Stock Performance

SKYE opened at $6.00 on Friday. The business’s fifty day moving average is $5.73 and its two-hundred day moving average is $6.66. Skye Bioscience, Inc. has a one year low of $1.44 and a one year high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last posted its earnings results on Friday, August 9th. The company reported ($0.20) EPS for the quarter, hitting analysts’ consensus estimates of ($0.20). Analysts forecast that Skye Bioscience, Inc. will post -1.06 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SKYE has been the topic of several research analyst reports. Craig Hallum initiated coverage on Skye Bioscience in a research report on Tuesday, July 9th. They set a “buy” rating and a $18.00 price target on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $14.00 target price on shares of Skye Bioscience in a report on Friday, September 6th. Finally, JMP Securities assumed coverage on Skye Bioscience in a report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 target price on the stock. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $18.40.

Institutional Trading of Skye Bioscience

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 Asset Management L.P. acquired a new position in Skye Bioscience in the second quarter valued at $4,486,000. Perceptive Advisors LLC acquired a new position in Skye Bioscience in the second quarter valued at $4,005,000. Driehaus Capital Management LLC acquired a new position in Skye Bioscience in the second quarter valued at $5,213,000. CVI Holdings LLC acquired a new position in Skye Bioscience in the second quarter valued at $5,445,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Skye Bioscience in the second quarter valued at $222,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

About Skye Bioscience

Skye Bioscience, Inc, a clinical stage pharmaceutical company, discovers, develops, and commercializes cannabinoid-based molecules for the treatment of infectious diseases. The company's lead product candidate is SBI-100 used in the treatment of glaucoma and ocular hypertension. It is also developing SBI-200 to treat and manage various eye diseases, including uveitis, dry eye syndrome, macular degeneration and diabetic retinopathy.