Short Interest in Skye Bioscience, Inc. (NASDAQ:SKYE) Grows By 26.8%

Skye Bioscience, Inc. (NASDAQ:SKYE) was the target of a significant increase in short interest in November. As of November 15th, there was short interest totalling 1,990,000 shares, an increase of 26.8% from the October 31st total of 1,570,000 shares. Based on an average daily volume of 314,400 shares, the days-to-cover ratio is presently 6.3 days. Approximately 11.3% of the shares of the stock are short sold.

Insider Activity at Skye Bioscience

In other Skye Bioscience news, Director Andrew J. Schwab sold 252,500 shares of the firm’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 sale, the director now owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. This trade represents a 79.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Kaitlyn Arsenault sold 43,206 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $215,597.94. Following the transaction, the chief financial officer now directly owns 166,342 shares of the company’s stock, valued at $830,046.58. This trade represents a 20.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 498,768 shares of company stock valued at $2,910,713 over the last quarter. 3.00% of the stock is owned by corporate insiders.

Institutional Trading of Skye Bioscience

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Barclays PLC increased its stake in shares of Skye Bioscience by 36.7% in the third quarter. Barclays PLC now owns 57,889 shares of the company’s stock valued at $226,000 after buying an additional 15,551 shares during the period. Geode Capital Management LLC boosted its holdings in Skye Bioscience by 4.2% in the third quarter. Geode Capital Management LLC now owns 385,793 shares of the company’s stock valued at $1,509,000 after acquiring an additional 15,614 shares during the last quarter. Jane Street Group LLC bought a new stake in Skye Bioscience in the third quarter valued at approximately $48,000. Sphera Funds Management LTD. increased its position in Skye Bioscience by 20.4% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock valued at $6,113,000 after purchasing an additional 265,210 shares during the period. Finally, State Street Corp raised its holdings in Skye Bioscience by 7.0% during the 3rd 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 during the last quarter. 21.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Scotiabank began coverage on Skye Bioscience in a research note on Monday, September 30th. They set a “sector outperform” rating and a $20.00 target price for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $14.00 price objective on shares of Skye Bioscience in a research report on Friday, September 20th. Piper Sandler restated an “overweight” rating and issued a $20.00 target price on shares of Skye Bioscience in a research report on Friday, September 20th. Finally, JMP Securities initiated coverage on shares of Skye Bioscience in a report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price target for the company. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $18.67.

Skye Bioscience Stock Up 5.4 %

Shares of NASDAQ SKYE opened at $4.49 on Monday. The company has a 50 day simple moving average of $4.93. Skye Bioscience has a 52-week low of $1.44 and a 52-week high of $19.41.

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.