Short Interest in Skye Bioscience, Inc. (NASDAQ:SKYE) Rises 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. Currently, 11.3% of the company’s stock are short sold. Based on an average trading volume of 314,400 shares, the short-interest ratio is presently 6.3 days.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other Skye Bioscience news, CFO Kaitlyn Arsenault sold 43,206 shares of the business’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 $215,597.94. Following the completion of the sale, the chief financial officer now directly owns 166,342 shares of the company’s stock, valued at $830,046.58. The trade was a 20.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Andrew J. Schwab sold 13,837 shares of the firm’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 transaction, the director now owns 66,277 shares in the company, valued at $401,638.62. This represents a 17.27 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 498,768 shares of company stock worth $2,910,713. Corporate insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Bank of New York Mellon Corp bought a new position in Skye Bioscience during the second quarter worth $471,000. Rhumbline Advisers bought a new position in shares of Skye Bioscience during the 2nd quarter worth about $158,000. AdvisorShares Investments LLC bought a new position in shares of Skye Bioscience during the 2nd quarter worth about $210,000. Logos Global Management LP acquired a new position in shares of Skye Bioscience during the second quarter valued at about $10,425,000. Finally, Point72 DIFC Ltd bought a new stake in shares of Skye Bioscience in the second quarter valued at about $48,000. 21.09% of the stock is currently owned by institutional investors and hedge funds.

Skye Bioscience Stock Up 5.4 %

NASDAQ SKYE opened at $4.49 on Monday. The business’s 50-day simple moving average is $4.93. Skye Bioscience has a twelve month low of $1.44 and a twelve month high of $19.41.

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.