Skye Bioscience (NASDAQ:SKYE) Stock Price Down 2.5% – Here’s What Happened

Skye Bioscience, Inc. (NASDAQ:SKYE)’s stock price traded down 2.5% during trading on Wednesday . The stock traded as low as $2.56 and last traded at $2.73. 80,292 shares changed hands during trading, a decline of 57% from the average session volume of 188,054 shares. The stock had previously closed at $2.80.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 target price on shares of Skye Bioscience in a report on Friday, September 20th. Scotiabank assumed coverage on Skye Bioscience in a research report on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 target price on the stock. Finally, Piper Sandler restated an “overweight” rating and issued a $20.00 price objective on shares of Skye Bioscience in a report on Friday, September 20th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, Skye Bioscience currently has a consensus rating of “Buy” and a consensus target price of $18.67.

Skye Bioscience Trading Up 3.3 %

The firm has a fifty day simple moving average of $2.89 and a 200-day simple moving average of $4.00.

Insiders Place Their Bets

In other Skye Bioscience news, CEO Punit Dhillon sold 82,546 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $411,904.54. Following the sale, the chief executive officer now owns 329,823 shares in the company, valued at $1,645,816.77. This trade represents a 20.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Tuan Tu Diep sold 19,489 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $97,250.11. Following the completion of the transaction, the insider now 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. Insiders sold 232,431 shares of company stock worth $1,160,360 over the last three months. Insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp bought a new stake in Skye Bioscience in the second quarter worth approximately $471,000. Rhumbline Advisers purchased a new stake in shares of Skye Bioscience during the 2nd quarter worth approximately $158,000. Logos Global Management LP bought a new stake in shares of Skye Bioscience in the second quarter valued at $10,425,000. Point72 DIFC Ltd bought a new position in Skye Bioscience during the second quarter worth about $48,000. Finally, Cubist Systematic Strategies LLC bought a new position in Skye Bioscience in the 2nd quarter worth approximately $30,000. 21.09% of the stock is owned by institutional investors and hedge funds.

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.