Skye Bioscience (NASDAQ:SKYE) Issues Quarterly Earnings Results

Skye Bioscience (NASDAQ:SKYE) posted its earnings results on Monday. The company reported ($0.32) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.01, Zacks reports.

Skye Bioscience Price Performance

Shares of NASDAQ:SKYE traded down $0.11 during midday trading on Monday, reaching $1.42. 395,834 shares of the company’s stock were exchanged, compared to its average volume of 723,200. The stock has a market cap of $44.01 million, a price-to-earnings ratio of -1.34 and a beta of 2.28. Skye Bioscience has a fifty-two week low of $1.14 and a fifty-two week high of $5.90. The firm’s 50 day simple moving average is $2.75 and its two-hundred day simple moving average is $2.95.

Insider Buying and Selling

In other news, Director Andrew J. Schwab sold 170,449 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $3.42, for a total value of $582,935.58. Following the completion of the transaction, the director owned 57,493 shares of the company’s stock, valued at approximately $196,626.06. This trade represents a 74.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder 5Am Partners Vii, Llc sold 170,449 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $3.42, for a total value of $582,935.58. Following the completion of the sale, the insider owned 57,493 shares in the company, valued at approximately $196,626.06. The trade was a 74.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 462,810 shares of company stock valued at $1,601,097 in the last ninety days. 3.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Skye Bioscience

Institutional investors and hedge funds have recently bought and sold shares of the business. Tower Research Capital LLC TRC increased its position 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 worth $46,000 after purchasing an additional 5,989 shares in the last quarter. Vanguard Group Inc. grew its stake in Skye Bioscience by 5.3% during the third quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock worth $3,469,000 after buying an additional 44,824 shares during the period. Qube Research & Technologies Ltd acquired a new stake in shares of Skye Bioscience in the second quarter worth $218,000. Finally, Marshall Wace LLP purchased a new position in shares of Skye Bioscience in the 2nd quarter valued at $436,000. Hedge funds and other institutional investors own 21.09% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on SKYE shares. HC Wainwright began coverage on Skye Bioscience in a report on Tuesday, September 30th. They set a “buy” rating and a $20.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Skye Bioscience in a research note on Wednesday, October 8th. Cantor Fitzgerald lowered Skye Bioscience from an “overweight” rating to a “neutral” rating and set a $2.00 price target for the company. in a research note on Monday, October 6th. Evercore ISI raised Skye Bioscience to a “strong-buy” rating in a report on Friday, August 15th. Finally, Craig Hallum downgraded Skye Bioscience from a “buy” rating to a “hold” rating and set a $2.00 price target on the stock. in a research report on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $9.80.

About Skye Bioscience

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.