Skye Bioscience (NASDAQ:SKYE) Shares Up 5.3% – Here’s Why

Skye Bioscience, Inc. (NASDAQ:SKYE) shares were up 5.3% during trading on Wednesday . The company traded as high as $5.20 and last traded at $5.20. Approximately 168,072 shares traded hands during trading, a decline of 72% from the average daily volume of 597,993 shares. The stock had previously closed at $4.94.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Craig Hallum initiated coverage on shares of Skye Bioscience in a report on Tuesday, July 9th. They issued a “buy” rating and a $18.00 price target on the stock. Piper Sandler restated an “overweight” rating and issued a $20.00 target price on shares of Skye Bioscience in a research note on Friday, September 20th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. JMP Securities assumed coverage on Skye Bioscience in a report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price target for the company. Finally, Scotiabank initiated coverage on Skye Bioscience in a report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 price objective on the stock. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $18.67.

Skye Bioscience Trading Up 5.3 %

The stock’s fifty day moving average price is $4.07 and its 200-day moving average price is $5.13.

Skye Bioscience (NASDAQ:SKYE) last released its earnings results on Friday, August 9th. The company reported ($0.20) EPS for the quarter, hitting the consensus estimate of ($0.20). Research analysts forecast that Skye Bioscience, Inc. will post -1.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Skye Bioscience

In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of the business’s 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 sale, the director now directly owns 66,277 shares in the company, valued at approximately $401,638.62. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Andrew J. Schwab sold 13,837 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.06, for a total transaction of $83,852.22. Following the sale, the director now owns 66,277 shares of the company’s stock, valued at $401,638.62. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew J. Schwab sold 252,500 shares of the company’s stock in a transaction on 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 completion of the transaction, the director now owns 66,356 shares of the company’s stock, valued at $437,949.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Skye Bioscience

Large investors have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd acquired a new stake in Skye Bioscience during the second quarter valued at approximately $48,000. Cubist Systematic Strategies LLC acquired a new position in Skye Bioscience during the second quarter valued at approximately $30,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Skye Bioscience in the 2nd quarter worth approximately $222,000. Point72 Asset Management L.P. bought a new position in Skye Bioscience during the second quarter worth $4,486,000. Finally, Perceptive Advisors LLC bought a new position in shares of Skye Bioscience during the 2nd quarter worth about $4,005,000. 21.09% of the stock is owned by institutional investors and hedge funds.

About Skye Bioscience

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.