Short Interest in Skye Bioscience, Inc. (NASDAQ:SKYE) Rises By 26.8%

Skye Bioscience, Inc. (NASDAQ:SKYE) saw a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 1,990,000 shares, an increase of 26.8% from the October 31st total of 1,570,000 shares. Currently, 11.3% of the shares of the stock are sold short. Based on an average daily volume of 314,400 shares, the short-interest ratio is presently 6.3 days.

Skye Bioscience Stock Up 5.4 %

SKYE stock opened at $4.49 on Monday. Skye Bioscience has a twelve month low of $1.44 and a twelve month high of $19.41. The business’s fifty day moving average price is $4.93.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on SKYE shares. JMP Securities initiated coverage on Skye Bioscience in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price objective for the company. Scotiabank began coverage on Skye Bioscience in a report on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 price target for the company. Piper Sandler reiterated an “overweight” rating and set a $20.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 price objective on shares of Skye Bioscience in a research report on Friday, September 20th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Skye Bioscience presently has an average rating of “Buy” and an average price target of $18.67.

Insider Activity

In other news, Director Andrew J. Schwab sold 252,500 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were 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. This represents a 79.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Tuan Tu Diep sold 19,489 shares of Skye Bioscience stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $97,250.11. Following the transaction, the insider now directly owns 82,259 shares of the company’s stock, valued at $410,472.41. This represents a 19.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 498,768 shares of company stock worth $2,910,713. Company insiders own 3.00% of the company’s stock.

Institutional Trading of Skye Bioscience

Several institutional investors and hedge funds have recently added to or reduced their stakes in SKYE. Cubist Systematic Strategies LLC bought a new stake in shares of Skye Bioscience during the second quarter worth approximately $30,000. Point72 DIFC Ltd acquired a new stake in Skye Bioscience during the 2nd quarter worth $48,000. Jane Street Group LLC bought a new stake in shares of Skye Bioscience during the 3rd quarter valued at $48,000. Rhumbline Advisers acquired a new position in shares of Skye Bioscience in the 2nd quarter valued at $158,000. Finally, BNP Paribas Financial Markets boosted its position in shares of Skye Bioscience by 71.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock worth $185,000 after purchasing an additional 19,704 shares during the last quarter. 21.09% of the stock is owned by institutional investors.

Skye Bioscience Company Profile

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.