Skye Bioscience, Inc. (NASDAQ:SKYE) Short Interest Down 89.3% in August

Skye Bioscience, Inc. (NASDAQ:SKYE) saw a large decrease in short interest during the month of August. As of August 31st, there was short interest totaling 128,781 shares, a decrease of 89.3% from the August 15th total of 1,203,600 shares. Based on an average daily volume of 217,817 shares, the short-interest ratio is presently 0.6 days. Currently, 3.1% of the company’s stock are short sold.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut Skye Bioscience from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, August 27th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $64.00.

Insider Buying and Selling at Skye Bioscience

In other news, major shareholder 5Am Partners Vii, Llc sold 37,500 shares of Skye Bioscience stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $3.04, for a total transaction of $114,000.00. Following the sale, the insider owned 6,957 shares in the company, valued at approximately $21,149.28. The trade was a 84.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Andrew J. Schwab sold 37,500 shares of Skye Bioscience stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $3.04, for a total transaction of $114,000.00. Following the completion of the transaction, the director owned 6,957 shares in the company, valued at approximately $21,149.28. This represents a 84.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 93,958 shares of company stock worth $280,621 in the last three months. 6.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Skye Bioscience

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Skye Bioscience by 5.3% in the third quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock valued at $3,469,000 after purchasing an additional 44,824 shares during the period. Two Sigma Investments LP increased its holdings in Skye Bioscience by 46.2% in the 3rd quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock valued at $363,000 after purchasing an additional 29,163 shares in the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of Skye Bioscience in the third quarter valued at about $53,000. Qube Research & Technologies Ltd purchased a new stake in shares of Skye Bioscience during the second quarter valued at approximately $218,000. Finally, Marshall Wace LLP purchased a new stake in Skye Bioscience during the 2nd quarter worth $436,000. Hedge funds and other institutional investors own 21.09% of the company’s stock.

Skye Bioscience Price Performance

Shares of NASDAQ SKYE traded down $0.06 on Friday, hitting $2.02. The company’s stock had a trading volume of 51,007 shares, compared to its average volume of 60,907. The stock has a 50 day moving average of $3.84 and a 200-day moving average of $5.26. The company has a market capitalization of $8.97 million, a price-to-earnings ratio of -0.20 and a beta of 2.90. Skye Bioscience has a 12-month low of $1.64 and a 12-month high of $39.92.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings results on Friday, August 14th. The company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.02. Sell-side analysts expect that Skye Bioscience will post -7.41 EPS for the current fiscal year.

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.