Skye Bioscience (NASDAQ:SKYE) Posts Earnings Results

Skye Bioscience (NASDAQ:SKYE) released its quarterly earnings data on Monday. The company reported ($0.32) EPS for the quarter, FiscalAI reports.

Skye Bioscience Stock Up 2.0%

Shares of SKYE traded up $0.02 during trading hours on Monday, reaching $0.88. The stock had a trading volume of 136,225 shares, compared to its average volume of 477,280. Skye Bioscience has a 52 week low of $0.57 and a 52 week high of $5.75. The firm has a 50-day moving average of $0.75 and a 200 day moving average of $0.97. The company has a market cap of $30.91 million, a P/E ratio of -0.63 and a beta of 3.03.

Institutional Trading of Skye Bioscience

Large investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC boosted its stake in Skye Bioscience by 121.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after purchasing an additional 5,989 shares during the period. Dimensional Fund Advisors LP acquired a new position in Skye Bioscience in the 3rd quarter worth $53,000. Two Sigma Investments LP boosted its stake in Skye Bioscience by 46.2% in the 3rd quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock worth $363,000 after purchasing an additional 29,163 shares during the period. Vanguard Group Inc. boosted its stake in Skye Bioscience by 5.3% in the 3rd quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock worth $3,469,000 after purchasing an additional 44,824 shares during the period. Finally, Qube Research & Technologies Ltd acquired a new position in Skye Bioscience in the 2nd quarter worth $218,000. Institutional investors own 21.09% of the company’s stock.

About Skye Bioscience

Skye Bioscience, Inc is a clinical-stage biotechnology company focused on the development of novel, selective cannabinoid type 1 (CB1) receptor modulators for the treatment of ocular diseases. Headquartered in Sunnyvale, California, Skye Bioscience leverages proprietary chemistry and formulation expertise to design and optimize compounds with high potency, tissue selectivity and favorable drug-like properties. The company’s lead product candidate is being evaluated for the treatment of glaucoma and other ophthalmic conditions characterized by elevated intraocular pressure.

Skye Bioscience’s pipeline centers on synthetic cannabinoids engineered to avoid central nervous system side effects commonly associated with traditional cannabinoid therapies.