Skye Bioscience (NASDAQ:SKYE) Director Andrew Schwab Sells 28,700 Shares of Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew Schwab sold 28,700 shares of the firm’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $1.65, for a total transaction of $47,355.00. Following the completion of the sale, the director owned 4,528 shares of the company’s stock, valued at $7,471.20. The trade was a 86.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Skye Bioscience Price Performance

Shares of SKYE stock traded down $0.10 during trading hours on Thursday, reaching $1.70. 37,211 shares of the company were exchanged, compared to its average volume of 62,529. Skye Bioscience, Inc. has a fifty-two week low of $1.50 and a fifty-two week high of $39.92. The stock’s fifty day moving average is $3.20 and its two-hundred day moving average is $5.00. The company has a market cap of $7.53 million, a price-to-earnings ratio of -0.17 and a beta of 2.90.

Skye Bioscience (NASDAQ:SKYE) last issued 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. On average, research analysts anticipate that Skye Bioscience, Inc. will post -5.04 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded Skye Bioscience from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 27th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $64.00.

About Skye Bioscience

Skye Bioscience, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that modulate the endocannabinoid system, a network involved in metabolism, inflammation and other physiological processes. The company’s research is centered on therapies designed to influence cannabinoid receptors outside the central nervous system, with the goal of addressing disease while avoiding certain side effects associated with earlier centrally acting cannabinoid drugs.

Skye’s lead investigational product is nimacimab, a monoclonal antibody that targets the cannabinoid receptor 1 (CB1).