Skye Bioscience (NASDAQ:SKYE) Stock Price Down 1.5% – Should You Sell?

Skye Bioscience, Inc. (NASDAQ:SKYE)’s stock price dropped 1.5% during trading on Wednesday . The company traded as low as $5.16 and last traded at $5.31. Approximately 117,075 shares changed hands during trading, a decline of 42% from the average daily volume of 201,564 shares. The stock had previously closed at $5.39.

Analysts Set New Price Targets

SKYE has been the topic of a number of recent research reports. Scotiabank initiated coverage on shares of Skye Bioscience in a report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $14.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. Finally, JMP Securities started coverage on shares of Skye Bioscience in a research report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 target price for the company. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $18.67.

Skye Bioscience Trading Down 1.5 %

The firm’s fifty day moving average is $4.96 and its two-hundred day moving average is $5.02.

Insider Buying and Selling at Skye Bioscience

In other Skye Bioscience news, Director Andrew J. Schwab sold 252,500 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 66,356 shares in the company, valued at $437,949.60. The trade was 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 through the SEC website. In related news, Director Andrew J. Schwab sold 252,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the sale, the director now directly owns 66,356 shares in the company, valued at approximately $437,949.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Andrew J. Schwab sold 13,837 shares of the company’s stock in a transaction that occurred 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 directly owns 66,277 shares in the company, valued at $401,638.62. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate 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 company. Logos Global Management LP purchased a new stake in shares of Skye Bioscience in the 2nd quarter valued at $10,425,000. CVI Holdings LLC purchased a new stake in shares of Skye Bioscience in the 2nd quarter worth about $5,445,000. Driehaus Capital Management LLC bought a new position in shares of Skye Bioscience in the 2nd quarter worth about $5,213,000. Point72 Asset Management L.P. bought a new position in shares of Skye Bioscience in the 2nd quarter worth about $4,486,000. Finally, Perceptive Advisors LLC bought a new position in shares of Skye Bioscience in the 2nd quarter worth about $4,005,000. Institutional investors own 21.09% of the company’s stock.

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.