Skye Bioscience, Inc. (NASDAQ:SKYE – Get Free Report) major shareholder 5Am Partners Vii, Llc sold 300,000 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $0.38, for a total transaction of $114,000.00. Following the completion of the transaction, the insider owned 55,663 shares in the company, valued at $21,151.94. This trade represents a 84.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.
5Am Partners Vii, Llc also recently made the following trade(s):
- On Thursday, August 20th, 5Am Partners Vii, Llc sold 7,700 shares of Skye Bioscience stock. The stock was sold at an average price of $0.32, for a total transaction of $2,464.00.
- On Wednesday, August 19th, 5Am Partners Vii, Llc sold 68,140 shares of Skye Bioscience stock. The stock was sold at an average price of $0.35, for a total transaction of $23,849.00.
Skye Bioscience Stock Down 8.3%
NASDAQ SKYE opened at $0.28 on Friday. The company has a market capitalization of $9.93 million, a P/E ratio of -0.22 and a beta of 2.97. Skye Bioscience, Inc. has a 12-month low of $0.28 and a 12-month high of $4.99. The firm has a 50-day moving average price of $0.62 and a two-hundred day moving average price of $0.72.
Skye Bioscience (NASDAQ:SKYE – Get Free Report) last announced its earnings results on Friday, August 14th. The company reported ($0.27) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.02. Equities analysts expect that Skye Bioscience, Inc. will post -0.93 EPS for the current year.
Institutional Investors Weigh In On Skye Bioscience
A number of large investors have recently bought and sold shares of the company. XTX Topco Ltd acquired a new position in shares of Skye Bioscience in the 4th quarter valued at approximately $40,000. Tower Research Capital LLC TRC boosted its position in shares of Skye Bioscience by 121.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after acquiring an additional 5,989 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in Skye Bioscience in the third quarter valued at approximately $53,000. Qube Research & Technologies Ltd bought a new position in Skye Bioscience in the second quarter valued at approximately $218,000. Finally, Two Sigma Investments LP increased its stake in Skye Bioscience by 46.2% in the third quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock valued at $363,000 after acquiring an additional 29,163 shares during the last quarter. 21.09% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Skye Bioscience in a report on Friday, July 10th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $8.00.
View Our Latest Analysis on Skye Bioscience
Skye Bioscience Company Profile
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.
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