Skye Bioscience (NASDAQ:SKYE) Stock Price Up 1.3% – Still a Buy?

Skye Bioscience, Inc. (NASDAQ:SKYE) shares were up 1.3% on Thursday. The company traded as high as $1.65 and last traded at $1.59. 17,470 shares traded hands during trading, a decline of 69% from the average daily volume of 56,792 shares. The stock had previously closed at $1.57.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded shares of Skye Bioscience from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, August 27th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Skye Bioscience has an average rating of “Hold”.

Skye Bioscience Price Performance

The company has a fifty day moving average price of $2.11 and a 200 day moving average price of $4.55. The stock has a market cap of $6.87 million, a P/E ratio of -0.15 and a beta of 2.86.

Skye Bioscience (NASDAQ:SKYE) last posted its earnings results on Friday, August 14th. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. As a group, sell-side analysts expect that Skye Bioscience, Inc. will post -5.04 earnings per share for the current fiscal year.

Insider Activity at Skye Bioscience

In related news, major shareholder 5Am Partners Vii, Llc sold 119,379 shares of the firm’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $1.61, for a total value of $192,200.19. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Andrew J. Schwab sold 119,379 shares of the stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $1.61, for a total value of $192,200.19. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 457,900 shares of company stock valued at $889,198. 6.20% of the stock is owned by insiders.

Skye Bioscience Company Profile

Skye Bioscience, Inc (NASDAQ:SKYE) is a clinical-stage biopharmaceutical company focused on developing medicines that modulate the endocannabinoid system, with an emphasis on the cannabinoid CB1 receptor. The company’s research is aimed at addressing metabolic, inflammatory and fibrotic diseases while seeking to avoid the central nervous system effects associated with conventional CB1-targeting compounds.

Skye’s lead program is nimacimab, a peripherally restricted monoclonal antibody designed to inhibit CB1 receptor activity outside the brain.