Skye Bioscience (NASDAQ:SKYE) Director Andrew Schwab Sells 300,000 Shares

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew Schwab sold 300,000 shares of Skye Bioscience stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $0.38, for a total transaction of $114,000.00. Following the transaction, the director directly owned 55,663 shares of the company’s stock, valued at $21,151.94. This represents a 84.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Skye Bioscience Stock Performance

Skye Bioscience stock traded down $0.03 during trading hours on Thursday, hitting $0.28. 1,586,567 shares of the stock were exchanged, compared to its average volume of 461,376. The stock has a market capitalization of $9.93 million, a P/E ratio of -0.22 and a beta of 2.97. Skye Bioscience, Inc. has a 12 month low of $0.28 and a 12 month high of $4.99. The business’s 50-day moving average is $0.63 and its two-hundred day moving average is $0.72.

Shares of Skye Bioscience are scheduled to reverse split before the market opens on Monday, August 24th. The 1-8 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Sunday, August 23rd.

Skye Bioscience (NASDAQ:SKYE) last posted its earnings results on Friday, August 14th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. On average, equities analysts predict that Skye Bioscience, Inc. will post -0.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Skye Bioscience

A number of institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC lifted its position in shares of Skye Bioscience by 121.3% during the second 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 in the last quarter. Dimensional Fund Advisors LP bought a new stake in shares of Skye Bioscience during the third quarter valued at approximately $53,000. Qube Research & Technologies Ltd acquired a new stake in shares of Skye Bioscience in the second quarter valued at approximately $218,000. XTX Topco Ltd acquired a new stake in shares of Skye Bioscience in the fourth quarter valued at approximately $40,000. Finally, Two Sigma Investments LP raised its position 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 last quarter. 21.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Skye Bioscience in a research report on Friday, July 10th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $8.00.

Skye Bioscience Company Profile

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.