Skye Bioscience Stock Set to Reverse Split on Monday, August 24th (NASDAQ:SKYE)

Skye Bioscience, Inc. (NASDAQ:SKYE) shares are going to reverse split before the market opens on Monday, August 24th. The 1-8 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Sunday, August 23rd.

Skye Bioscience Stock Performance

Shares of NASDAQ SKYE opened at $0.31 on Thursday. The business’s 50 day moving average price is $0.63 and its 200-day moving average price is $0.72. Skye Bioscience has a fifty-two week low of $0.28 and a fifty-two week high of $4.99. The company has a market cap of $10.83 million, a price-to-earnings ratio of -0.24 and a beta of 2.97.

Skye Bioscience (NASDAQ:SKYE) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.02. Sell-side analysts predict that Skye Bioscience will post -0.93 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Skye Bioscience

A number of institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC raised its stake in shares of Skye Bioscience by 121.3% during the second quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock valued at $46,000 after acquiring an additional 5,989 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in Skye Bioscience in the third quarter worth approximately $53,000. Two Sigma Investments LP grew its stake in Skye Bioscience by 46.2% in the third quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock worth $363,000 after purchasing an additional 29,163 shares in the last quarter. Vanguard Group Inc. increased its holdings in Skye Bioscience by 5.3% during the 3rd quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock worth $3,469,000 after purchasing an additional 44,824 shares during the period. Finally, Qube Research & Technologies Ltd purchased a new position in Skye Bioscience during the 2nd quarter worth $218,000. 21.09% of the stock is owned by hedge funds and other institutional investors.

About Skye Bioscience

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.