Skye Bioscience (NASDAQ:SKYE) Trading Up 8.5% – Time to Buy?

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) were up 8.5% during trading on Thursday . The stock traded as high as $2.85 and last traded at $2.96. Approximately 61,166 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 158,370 shares. The stock had previously closed at $2.73.

Skye Bioscience Price Performance

The company’s 50-day simple moving average is $2.89 and its 200 day simple moving average is $3.64.

Insider Activity at Skye Bioscience

In related 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 of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul A. Grayson sold 86,244 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $430,357.56. Following the transaction, the director now owns 259,701 shares of the company’s stock, valued at $1,295,907.99. This trade represents a 24.93 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 232,431 shares of company stock worth $1,160,360. Company insiders own 3.00% of the company’s stock.

Institutional Trading of Skye Bioscience

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cubist Systematic Strategies LLC purchased a new position in shares of Skye Bioscience in the 2nd quarter valued at about $30,000. BNP Paribas Financial Markets boosted its holdings in Skye Bioscience by 71.1% in the third quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock valued at $185,000 after purchasing an additional 19,704 shares in the last quarter. Baker BROS. Advisors LP increased its stake in Skye Bioscience by 186.9% in the third quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock valued at $5,609,000 after purchasing an additional 934,634 shares during the last quarter. State Street Corp raised its holdings in 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 purchasing an additional 23,201 shares in the last quarter. Finally, Sphera Funds Management LTD. lifted its position in shares of Skye Bioscience by 20.4% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock worth $6,113,000 after buying an additional 265,210 shares during the last quarter. 21.09% of the stock is currently 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.