Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) Director Andrew Schwab sold 68,140 shares of Skye Bioscience stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $0.35, for a total transaction of $23,849.00. Following the completion of the transaction, the director directly owned 55,254 shares in the company, valued at $19,338.90. This represents a 55.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Skye Bioscience Trading Down 8.3%
Shares of SKYE opened at $0.28 on Friday. The firm has a market cap of $9.93 million, a PE 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 stock has a fifty day moving average price of $0.62 and a 200-day moving average price of $0.72.
Shares of Skye Bioscience are set to reverse split on the morning of 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.
Skye Bioscience (NASDAQ:SKYE - Get Free Report) last announced its earnings results on Friday, August 14th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.02. As a group, research analysts forecast that Skye Bioscience, Inc. will post -0.93 EPS for the current year.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings restated a "sell (d-)" rating on shares of Skye Bioscience in a research report on Friday, July 10th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Skye Bioscience has a consensus rating of "Hold" and a consensus target price of $8.00.
Read Our Latest Stock Report on SKYE
Hedge Funds Weigh In On Skye Bioscience
Several large investors have recently modified their holdings of SKYE. Tower Research Capital LLC TRC lifted its position in Skye Bioscience by 121.3% in the second quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company's stock valued at $46,000 after buying an additional 5,989 shares during the last quarter. Dimensional Fund Advisors LP purchased a new stake in Skye Bioscience during the third quarter worth about $53,000. Qube Research & Technologies Ltd acquired a new stake in shares of Skye Bioscience during the second quarter worth about $218,000. XTX Topco Ltd acquired a new position in shares of Skye Bioscience in the fourth quarter worth $40,000. Finally, Two Sigma Investments LP increased its position in shares of Skye Bioscience by 46.2% during the third quarter. Two Sigma Investments LP now owns 92,318 shares of the company's stock worth $363,000 after acquiring an additional 29,163 shares during the period. Institutional investors and hedge funds own 21.09% of the company's stock.
About Skye Bioscience
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Get Free Report)
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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