Short Interest in Skye Bioscience, Inc. (NASDAQ:SKYE) Grows By 17.4%

Skye Bioscience, Inc. (NASDAQ:SKYE) was the recipient of a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 1,420,000 shares, an increase of 17.4% from the September 30th total of 1,210,000 shares. Based on an average daily trading volume, of 325,000 shares, the days-to-cover ratio is presently 4.4 days. Approximately 7.8% of the company’s shares are short sold.

Analyst Ratings Changes

SKYE has been the topic of several research reports. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 price objective on shares of Skye Bioscience in a research report on Friday, September 20th. Scotiabank began coverage on shares of Skye Bioscience in a report on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 price target on the stock. JMP Securities assumed coverage on Skye Bioscience in a report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 price objective on shares of Skye Bioscience in a research note on Friday, September 20th. Finally, Craig Hallum began coverage on shares of Skye Bioscience in a research note on Tuesday, July 9th. They issued a “buy” rating and a $18.00 target price for the company. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Skye Bioscience presently has an average rating of “Buy” and a consensus price target of $18.67.

Insider Buying and Selling at Skye Bioscience

In other news, Director Andrew J. Schwab sold 252,500 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the transaction, the director now owns 66,356 shares in the company, valued at approximately $437,949.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Andrew J. Schwab sold 13,837 shares of Skye Bioscience stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.06, for a total transaction of $83,852.22. Following the sale, the director now directly owns 66,277 shares in the company, valued at approximately $401,638.62. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Andrew J. Schwab sold 252,500 shares of Skye Bioscience stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total value of $1,666,500.00. Following the sale, the director now owns 66,356 shares in the company, valued at $437,949.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On Skye Bioscience

A number of institutional investors have recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC purchased a new position in shares of Skye Bioscience during the second quarter worth about $30,000. Point72 DIFC Ltd bought a new stake in Skye Bioscience during the second quarter valued at approximately $48,000. Rhumbline Advisers purchased a new position in Skye Bioscience in the 2nd quarter worth approximately $158,000. AdvisorShares Investments LLC purchased a new stake in shares of Skye Bioscience during the 2nd quarter valued at $210,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Skye Bioscience during the 2nd quarter valued at $222,000. 21.09% of the stock is currently owned by institutional investors.

Skye Bioscience Trading Down 3.6 %

Shares of SKYE traded down $0.19 during midday trading on Wednesday, hitting $5.03. 112,430 shares of the company traded hands, compared to its average volume of 179,235. Skye Bioscience has a one year low of $1.44 and a one year high of $19.41. The stock has a 50-day moving average of $4.23 and a 200-day moving average of $5.07.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings results on Friday, August 9th. The company reported ($0.20) EPS for the quarter, meeting the consensus estimate of ($0.20). On average, equities analysts forecast that Skye Bioscience will post -1.06 EPS for the current fiscal year.

Skye Bioscience Company Profile

Skye Bioscience, Inc, a clinical stage pharmaceutical company, discovers, develops, and commercializes cannabinoid-based molecules for the treatment of infectious diseases. The company's lead product candidate is SBI-100 used in the treatment of glaucoma and ocular hypertension. It is also developing SBI-200 to treat and manage various eye diseases, including uveitis, dry eye syndrome, macular degeneration and diabetic retinopathy.