Skye Bioscience, Inc. (NASDAQ:SKYE – Get Free Report) Director Andrew Schwab sold 68,140 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $0.35, for a total value of $23,849.00. Following the transaction, the director owned 55,254 shares in the company, valued at $19,338.90. This trade represents a 55.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Skye Bioscience Stock Performance
NASDAQ:SKYE traded down $0.03 during mid-day trading on Thursday, reaching $0.28. The stock had a trading volume of 1,586,567 shares, compared to its average volume of 461,376. The firm has a 50 day moving average price of $0.63 and a two-hundred day moving average price of $0.72. The stock 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 one year low of $0.28 and a one year high of $4.99.
Skye Bioscience shares are set to reverse split before the market opens on Monday, August 24th. The 1-8 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Sunday, August 23rd.
Wall Street Analyst Weigh In
Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Skye Bioscience in a report on Friday, July 10th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $8.00.
View Our Latest Research Report on SKYE
Institutional Investors Weigh In On Skye Bioscience
Several institutional investors have recently bought and sold shares of SKYE. Tower Research Capital LLC TRC boosted its holdings in Skye Bioscience by 121.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock valued at $46,000 after acquiring an additional 5,989 shares during the period. Dimensional Fund Advisors LP purchased a new position in Skye Bioscience in the 3rd quarter worth approximately $53,000. Qube Research & Technologies Ltd purchased a new position in Skye Bioscience in the 2nd quarter worth approximately $218,000. XTX Topco Ltd bought a new stake in Skye Bioscience in the fourth quarter valued at approximately $40,000. Finally, Two Sigma Investments LP lifted its position 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 purchasing an additional 29,163 shares during the last quarter. 21.09% of the stock is currently owned by hedge funds and other 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.
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