Key Points
- 5AM Partners VII sold 33,892 Skye Bioscience shares at an average price of $1.91, generating $64,733.72. The sale reduced its holdings by 85.79%, leaving it with 5,616 shares.
- Skye Bioscience shares opened at $1.76, near the company’s 52-week low of $1.50, with a market capitalization of approximately $7.82 million. The stock has declined sharply from its 52-week high of $39.92.
- The company reported a quarterly loss of $0.27 per share, slightly better than analysts’ estimate of $0.29. Analysts’ overall rating is Hold, while Weiss Ratings recently downgraded the stock to “sell (e+).”
Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) major shareholder 5Am Partners Vii, Llc sold 33,892 shares of the firm's stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $1.91, for a total value of $64,733.72. Following the completion of the sale, the insider directly owned 5,616 shares of the company's stock, valued at approximately $10,726.56. This represents a 85.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Major shareholders that own more than 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 Thursday, August 20th, 5Am Partners Vii, Llc sold 962 shares of Skye Bioscience stock. The stock was sold at an average price of $2.56, for a total value of $2,462.72.
- On Wednesday, August 19th, 5Am Partners Vii, Llc sold 8,517 shares of Skye Bioscience stock. The shares were 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 Stock Up 12.4%
SKYE stock opened at $1.76 on Friday. The firm has a 50 day moving average of $3.39 and a 200 day moving average of $5.09. The stock has a market capitalization of $7.82 million, a PE ratio of -0.17 and a beta of 2.90. Skye Bioscience, Inc. has a 52 week low of $1.50 and a 52 week high of $39.92.
Skye Bioscience (NASDAQ:SKYE - Get Free Report) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.29) by $0.02. On average, equities research analysts expect that Skye Bioscience, Inc. will post -5.04 earnings per share for the current year.
Wall Street Analysts Forecast Growth
Separately, Weiss Ratings downgraded shares of 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 issued a Sell rating to the stock. According to data from MarketBeat.com, Skye Bioscience currently has an average rating of "Hold" and an average target price of $64.00.
View Our Latest Stock Analysis on Skye Bioscience
About Skye Bioscience
(
Get Free Report)
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).
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