Skye Bioscience (NASDAQ:SKYE) Major Shareholder Sells $23,849.00 in Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) major shareholder 5Am Partners Vii, Llc sold 68,140 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $0.35, for a total value of $23,849.00. Following the completion of the transaction, the insider directly owned 55,254 shares of the company’s stock, valued at $19,338.90. This represents a 55.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Large shareholders that own 10% or more 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 7,700 shares of Skye Bioscience stock. The shares were sold at an average price of $0.32, for a total value of $2,464.00.
• On Tuesday, August 18th, 5Am Partners Vii, Llc sold 300,000 shares of Skye Bioscience stock. The shares were sold at an average price of $0.38, for a total value of $114,000.00.

Skye Bioscience Price Performance

SKYE stock traded down $0.03 during midday trading on Thursday, hitting $0.28. The stock had a trading volume of 1,586,567 shares, compared to its average volume of 461,376. The firm has a market cap of $9.93 million, a price-to-earnings ratio of -0.22 and a beta of 2.97. The business has a 50-day moving average of $0.63 and a two-hundred day moving average of $0.72. Skye Bioscience, Inc. has a 52-week low of $0.28 and a 52-week high of $4.99.

Skye Bioscience’s stock is set to reverse split on 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) last announced its quarterly earnings data on Friday, August 14th. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.02. Research analysts predict that Skye Bioscience, Inc. will post -0.93 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. XTX Topco Ltd purchased a new position in Skye Bioscience during the fourth quarter valued at $40,000. Tower Research Capital LLC TRC boosted its holdings 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 worth $46,000 after acquiring an additional 5,989 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in shares of Skye Bioscience in the third quarter worth $53,000. Qube Research & Technologies Ltd purchased a new stake in shares of Skye Bioscience in the second quarter worth $218,000. Finally, Two Sigma Investments LP increased its holdings 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 valued at $363,000 after acquiring an additional 29,163 shares in the last quarter. Institutional investors own 21.09% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Skye Bioscience in a research note on Friday, July 10th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $8.00.

Skye Bioscience Company Profile

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.