Skye Bioscience (NASDAQ:SKYE) Director Andrew Schwab Sells 33,892 Shares of Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew Schwab sold 33,892 shares of the company’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $1.91, for a total transaction of $64,733.72. Following the transaction, the director owned 5,616 shares in the company, valued at approximately $10,726.56. The trade was a 85.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Skye Bioscience Stock Up 12.4%

SKYE stock traded up $0.20 during midday trading on Friday, reaching $1.76. The company’s stock had a trading volume of 99,274 shares, compared to its average volume of 61,568. The business’s 50-day simple moving average is $3.47 and its 200-day simple moving average is $5.12. Skye Bioscience, Inc. has a 52 week low of $1.50 and a 52 week high of $39.92. The stock has a market cap of $7.82 million, a PE ratio of -0.17 and a beta of 2.90.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings results on Friday, August 14th. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. As a group, equities analysts forecast that Skye Bioscience, Inc. will post -5.04 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut shares of Skye Bioscience from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 27th. 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’s stock. According to MarketBeat.com, Skye Bioscience presently has a consensus rating of “Hold” and an average price target of $64.00.

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.