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 the month of 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. Approximately 11.3% of the company’s shares are sold short. Based on an average daily volume of 314,400 shares, the short-interest ratio is presently 6.3 days.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other Skye Bioscience news, insider Tuan Tu Diep sold 19,489 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $97,250.11. Following the sale, the insider now directly owns 82,259 shares in the company, valued at approximately $410,472.41. This trade represents a 19.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Andrew J. Schwab sold 13,837 shares of Skye Bioscience 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 transaction, the director now directly owns 66,277 shares in the company, valued at approximately $401,638.62. This represents a 17.27 % decrease in their ownership of the stock. 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 three months. Company insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On Skye Bioscience

Several hedge funds have recently made changes to their positions in SKYE. Perceptive Advisors LLC acquired a new position in shares of Skye Bioscience during the 2nd quarter worth about $4,005,000. Point72 Asset Management L.P. acquired a new position in Skye Bioscience during the second quarter valued at approximately $4,486,000. CVI Holdings LLC bought a new position in Skye Bioscience in the second quarter valued at approximately $5,445,000. Logos Global Management LP acquired a new position in shares of Skye Bioscience during the 2nd quarter worth approximately $10,425,000. Finally, Driehaus Capital Management LLC acquired a new position in shares of Skye Bioscience during the 2nd quarter worth approximately $5,213,000. 21.09% of the stock is owned by institutional investors.

Skye Bioscience Stock Up 5.4 %

Shares of NASDAQ:SKYE traded up $0.23 during mid-day trading on Friday, reaching $4.49. 44,000 shares of the stock were exchanged, compared to its average volume of 177,405. The stock’s 50 day simple moving average is $4.93 and its 200-day simple moving average is $4.94. Skye Bioscience has a one year low of $1.44 and a one year 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.