Skye Bioscience (NASDAQ:SKYE) Trading Down 3.3%

Skye Bioscience, Inc. (NASDAQ:SKYE) fell 3.3% during mid-day trading on Wednesday . The company traded as low as $3.40 and last traded at $3.57. 362,262 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 467,180 shares. The stock had previously closed at $3.69.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. JMP Securities started coverage on shares of Skye Bioscience in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price objective on the stock. Piper Sandler reissued an “overweight” rating and set a $20.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. Craig Hallum began coverage on Skye Bioscience in a report on Tuesday, July 9th. They issued a “buy” rating and a $18.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $14.00 target price on shares of Skye Bioscience in a research report on Friday, September 20th. Finally, Scotiabank assumed coverage on Skye Bioscience in a research report on Monday. They set a “sector outperform” rating and a $20.00 price target for the company. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $18.67.

Skye Bioscience Stock Down 3.3 %

The stock’s fifty day moving average price is $5.18 and its 200-day moving average price is $5.70.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). On average, analysts predict that Skye Bioscience, Inc. will post -1.06 earnings per share for the current year.

Insider Activity at Skye Bioscience

In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of Skye Bioscience stock in a transaction on Friday, September 13th. The shares were sold at an average price of $6.06, for a total transaction of $83,852.22. Following the completion of the transaction, the director now directly owns 66,277 shares of the company’s stock, valued at $401,638.62. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Skye Bioscience news, Director Andrew J. Schwab sold 252,500 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Andrew J. Schwab sold 13,837 shares of Skye Bioscience stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.06, for a total value of $83,852.22. Following the sale, the director now directly owns 66,277 shares of the company’s stock, valued at approximately $401,638.62. The disclosure for this sale can be found here. 0.73% of the stock is owned by company insiders.

Hedge Funds Weigh In On Skye Bioscience

Several institutional investors and hedge funds have recently modified their holdings of SKYE. Cubist Systematic Strategies LLC acquired a new stake in Skye Bioscience in the 2nd quarter worth about $30,000. Point72 DIFC Ltd bought a new position in shares of Skye Bioscience during the second quarter worth approximately $48,000. Rhumbline Advisers acquired a new stake in shares of Skye Bioscience in the second quarter valued at approximately $158,000. AdvisorShares Investments LLC bought a new stake in shares of Skye Bioscience in the second quarter valued at approximately $210,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Skye Bioscience in the second quarter valued at approximately $222,000. 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.