5Am Partners Vii, Llc Sells 300,000 Shares of Skye Bioscience (NASDAQ:SKYE) Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) major shareholder 5Am Partners Vii, Llc sold 300,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $0.38, for a total value of $114,000.00. Following the transaction, the insider owned 55,663 shares of the company’s stock, valued at $21,151.94. This trade represents a 84.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

5Am Partners Vii, Llc also recently made the following trade(s):

• On Thursday, August 20th, 5Am Partners Vii, Llc sold 7,700 shares of Skye Bioscience stock. The stock was sold at an average price of $0.32, for a total value of $2,464.00.
• On Wednesday, August 19th, 5Am Partners Vii, Llc sold 68,140 shares of Skye Bioscience stock. The stock was sold at an average price of $0.35, for a total transaction of $23,849.00.

Skye Bioscience Stock Down 0.1%

Shares of SKYE stock opened at $0.28 on Friday. Skye Bioscience, Inc. has a 12 month low of $0.26 and a 12 month high of $4.99. The stock has a 50-day moving average price of $0.61 and a 200 day moving average price of $0.71. The firm has a market cap of $9.92 million, a price-to-earnings ratio of -0.22 and a beta of 2.97.

Skye Bioscience shares are scheduled to reverse split on the morning of 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 issued its earnings results on Friday, August 14th. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.02. Sell-side analysts predict that Skye Bioscience, Inc. will post -0.93 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Skye Bioscience

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SKYE. Marshall Wace LLP bought a new stake in Skye Bioscience during the 2nd quarter worth about $436,000. Qube Research & Technologies Ltd acquired a new stake in shares of Skye Bioscience in the second quarter valued at about $218,000. Tower Research Capital LLC TRC increased its position in shares of Skye Bioscience by 121.3% in the second quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock valued at $46,000 after acquiring an additional 5,989 shares during the last quarter. Vanguard Group Inc. raised its holdings in Skye Bioscience by 5.3% during the third quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock worth $3,469,000 after acquiring an additional 44,824 shares in the last quarter. Finally, Dimensional Fund Advisors LP bought a new stake in Skye Bioscience during the third quarter worth about $53,000. 21.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Skye Bioscience in a research report on Friday, July 10th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus 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.