Key Points
- Major shareholder 5AM Partners VII sold 119,379 Skye Bioscience shares on September 23 at an average of $1.61, generating approximately $192,200. The sale follows several other transactions by the shareholder since August.
- Skye Bioscience shares were down 5.6%, opening at $1.70, with a market capitalization of about $7.53 million. The stock has traded between $1.50 and $39.92 over the past year.
- Analysts collectively rate the stock “Hold”, although coverage is mixed; Weiss Ratings downgraded it from “sell (d-)” to “sell (e+).” The company recently reported a quarterly loss of $0.27 per share, slightly better than estimates.
Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) Director Andrew Schwab sold 28,700 shares of the business's stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $1.65, for a total transaction of $47,355.00. Following the transaction, the director owned 4,528 shares in the company, valued at approximately $7,471.20. The trade was a 86.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Skye Bioscience Price Performance
Shares of SKYE stock opened at $1.70 on Friday. The stock has a market cap of $7.53 million, a P/E ratio of -0.17 and a beta of 2.90. The company has a fifty day moving average price of $3.13 and a two-hundred day moving average price of $4.97. Skye Bioscience, Inc. has a one year low of $1.50 and a one year high of $39.92.
Skye Bioscience (NASDAQ:SKYE - Get Free Report) last released its quarterly earnings data 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. As a group, equities research analysts anticipate that Skye Bioscience, Inc. will post -5.04 EPS for the current fiscal year.
Analyst Ratings Changes
Separately, Weiss Ratings lowered Skye Bioscience from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, August 27th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $64.00.
Check Out Our Latest Analysis on SKYE
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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