Skye Bioscience (NASDAQ:SKYE) Trading Down 3% – Here’s What Happened

Skye Bioscience, Inc. (NASDAQ:SKYE)’s share price was down 3% on Wednesday . The stock traded as low as $2.48 and last traded at $2.55. Approximately 123,290 shares changed hands during trading, a decline of 34% from the average daily volume of 188,054 shares. The stock had previously closed at $2.63.

Wall Street Analysts Forecast Growth

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

Skye Bioscience Trading Down 3.0 %

The business has a fifty day simple moving average of $3.63 and a 200 day simple moving average of $4.25.

Insider Buying and Selling

In other Skye Bioscience news, CEO Punit Dhillon sold 82,546 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $411,904.54. Following the sale, the chief executive officer now directly owns 329,823 shares of the company’s stock, valued at approximately $1,645,816.77. This represents a 20.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul A. Grayson sold 86,244 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 $430,357.56. Following the completion of the transaction, the director now directly owns 259,701 shares of the company’s stock, valued at $1,295,907.99. This trade represents a 24.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 232,431 shares of company stock worth $1,160,360 over the last ninety days. 3.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Skye Bioscience

Several institutional investors have recently made changes to their positions in SKYE. Barclays PLC lifted its holdings in shares of Skye Bioscience by 36.7% in the 3rd quarter. Barclays PLC now owns 57,889 shares of the company’s stock worth $226,000 after purchasing an additional 15,551 shares during the last quarter. Geode Capital Management LLC increased its position in Skye Bioscience by 4.2% in the third quarter. Geode Capital Management LLC now owns 385,793 shares of the company’s stock worth $1,509,000 after buying an additional 15,614 shares during the period. Jane Street Group LLC bought a new stake in Skye Bioscience in the third quarter valued at $48,000. Sphera Funds Management LTD. boosted its holdings in shares of Skye Bioscience by 20.4% during the third quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock valued at $6,113,000 after acquiring an additional 265,210 shares during the period. Finally, State Street Corp grew its position in shares of Skye Bioscience by 7.0% during the third quarter. State Street Corp now owns 354,205 shares of the company’s stock worth $1,385,000 after acquiring an additional 23,201 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.