Skye Bioscience, Inc. (NASDAQ:SKYE) Short Interest Update

Skye Bioscience, Inc. (NASDAQ:SKYE) saw a significant growth in short interest in March. As of March 13th, there was short interest totaling 1,573,477 shares, a growth of 62.7% from the February 26th total of 967,400 shares. Based on an average trading volume of 1,961,638 shares, the days-to-cover ratio is presently 0.8 days. Approximately 4.9% of the company’s shares are short sold.

Skye Bioscience Price Performance

Shares of SKYE traded down $0.04 during midday trading on Friday, hitting $0.58. The stock had a trading volume of 619,849 shares, compared to its average volume of 1,138,860. The company has a 50 day simple moving average of $0.79 and a two-hundred day simple moving average of $1.46. Skye Bioscience has a twelve month low of $0.57 and a twelve month high of $5.75. The firm has a market cap of $19.26 million, a price-to-earnings ratio of -0.41 and a beta of 2.86.

Skye Bioscience (NASDAQ:SKYE) last issued its quarterly earnings results on Tuesday, March 10th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.07). Analysts forecast that Skye Bioscience will post -1.04 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SKYE has been the subject of several research analyst reports. Citigroup reiterated a “market outperform” rating on shares of Skye Bioscience in a research report on Monday, January 5th. Weiss Ratings restated a “sell (e+)” rating on shares of Skye Bioscience in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Skye Bioscience presently has an average rating of “Moderate Buy” and an average price target of $9.80.

Hedge Funds Weigh In On Skye Bioscience

Several hedge funds have recently made changes to their positions in the business. Millington Financial Advisors LLC acquired a new stake in shares of Skye Bioscience in the second quarter valued at approximately $44,000. Marshall Wace LLP acquired a new position in Skye Bioscience during the second quarter worth $436,000. Capital Advisors Wealth Management LLC grew its position in Skye Bioscience by 143.1% in the second quarter. Capital Advisors Wealth Management LLC now owns 50,800 shares of the company’s stock valued at $212,000 after purchasing an additional 29,900 shares in the last quarter. Qube Research & Technologies Ltd bought a new position in Skye Bioscience in the second quarter valued at $218,000. Finally, Tower Research Capital LLC TRC increased 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 valued at $46,000 after buying an additional 5,989 shares during the last quarter. 21.09% of the stock is owned by institutional investors.

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.