Insider Selling: Skye Bioscience (NASDAQ:SKYE) Major Shareholder Sells $192,200.19 in Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) major shareholder 5Am Partners Vii, Llc sold 119,379 shares of the firm’s stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $1.61, for a total value of $192,200.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Tuesday, September 22nd, 5Am Partners Vii, Llc sold 28,700 shares of Skye Bioscience stock. The shares were sold at an average price of $1.65, for a total value of $47,355.00.
• On Wednesday, September 16th, 5Am Partners Vii, Llc sold 33,892 shares of Skye Bioscience stock. The shares were sold at an average price of $1.91, for a total value of $64,733.72.
• On Thursday, August 20th, 5Am Partners Vii, Llc sold 962 shares of Skye Bioscience stock. The shares were sold at an average price of $2.56, for a total transaction of $2,462.72.
• On Wednesday, August 19th, 5Am Partners Vii, Llc sold 8,517 shares of Skye Bioscience stock. The stock was sold at an average price of $2.80, for a total transaction of $23,847.60.
• On Tuesday, August 18th, 5Am Partners Vii, Llc sold 37,500 shares of Skye Bioscience stock. The shares were sold at an average price of $3.04, for a total transaction of $114,000.00.

Skye Bioscience Trading Down 5.6%

NASDAQ SKYE traded down $0.10 during trading hours on Thursday, hitting $1.70. 37,211 shares of the company’s stock traded hands, compared to its average volume of 62,529. Skye Bioscience, Inc. has a 52 week low of $1.50 and a 52 week high of $39.92. The firm has a market capitalization of $7.53 million, a P/E ratio of -0.17 and a beta of 2.90. The business’s fifty day moving average price is $3.20 and its two-hundred day moving average price is $5.00.

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. On average, sell-side analysts expect that Skye Bioscience, Inc. will post -5.04 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Skye Bioscience Company Profile

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).