Skye Bioscience (NASDAQ:SKYE) Trading Down 2.5% – Time to Sell?

Skye Bioscience, Inc. (NASDAQ:SKYE)’s share price dropped 2.5% on Wednesday . The stock traded as low as $2.56 and last traded at $2.73. Approximately 80,292 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 188,054 shares. The stock had previously closed at $2.80.

Wall Street Analyst Weigh In

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

Skye Bioscience Price Performance

The stock’s 50-day simple moving average is $2.89 and its 200 day simple moving average is $4.00.

Insider Transactions at Skye Bioscience

In other news, CEO Punit Dhillon sold 82,546 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 transaction of $411,904.54. Following the completion of the sale, the chief executive officer now owns 329,823 shares in the company, valued at $1,645,816.77. The trade was a 20.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Kaitlyn Arsenault sold 43,206 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $215,597.94. Following the transaction, the chief financial officer now owns 166,342 shares in the company, valued at approximately $830,046.58. The trade was a 20.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 232,431 shares of company stock worth $1,160,360. Insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On Skye Bioscience

A number of institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp bought a new position in Skye Bioscience during the 2nd quarter worth approximately $471,000. Rhumbline Advisers bought a new stake in Skye Bioscience in the 2nd quarter valued at $158,000. Logos Global Management LP bought a new stake in shares of Skye Bioscience in the second quarter valued at about $10,425,000. Point72 DIFC Ltd bought a new stake in Skye Bioscience in the 2nd quarter valued at approximately $48,000. Finally, Cubist Systematic Strategies LLC acquired a new position in Skye Bioscience during the second quarter worth $30,000. 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.