Skye Bioscience (NASDAQ:SKYE) Director Andrew Schwab Sells 300,000 Shares of Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew Schwab sold 300,000 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $0.38, for a total transaction of $114,000.00. Following the transaction, the director directly owned 55,663 shares of the company’s stock, valued at $21,151.94. This trade represents a 84.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Skye Bioscience Trading Down 8.3%

Shares of SKYE stock opened at $0.28 on Friday. The stock has a market capitalization of $9.93 million, a price-to-earnings ratio of -0.22 and a beta of 2.97. Skye Bioscience, Inc. has a 12-month low of $0.28 and a 12-month high of $4.99. The stock’s 50-day moving average price is $0.62 and its 200-day moving average price is $0.72.

Shares of Skye Bioscience are set to reverse split on the morning of 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 released its quarterly earnings results on Friday, August 14th. The company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.02. As a group, research analysts predict that Skye Bioscience, Inc. will post -0.93 EPS for the current fiscal year.

Hedge Funds Weigh In On Skye Bioscience

A number of hedge funds have recently added to or reduced their stakes in the stock. XTX Topco Ltd purchased a new position in shares of Skye Bioscience during the fourth quarter worth approximately $40,000. Tower Research Capital LLC TRC grew its stake 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 purchasing an additional 5,989 shares in the last quarter. Dimensional Fund Advisors LP bought a new stake in Skye Bioscience during the 3rd quarter valued at $53,000. Qube Research & Technologies Ltd bought a new stake in Skye Bioscience during the 2nd quarter valued at $218,000. Finally, Two Sigma Investments LP lifted its holdings in shares of Skye Bioscience by 46.2% in the 3rd quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock worth $363,000 after buying an additional 29,163 shares during the period. 21.09% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Skye Bioscience in a research note 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 company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $8.00.

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.