Skye Bioscience, Inc. (NASDAQ:SKYE) Short Interest Up 62.7% in March

Skye Bioscience, Inc. (NASDAQ:SKYE) was the target of a significant increase in short interest during the month of March. As of March 13th, there was short interest totaling 1,573,477 shares, an increase of 62.7% from the February 26th total of 967,400 shares. Based on an average trading volume of 1,961,638 shares, the short-interest ratio is currently 0.8 days. Approximately 4.9% of the company’s shares are short sold.

Skye Bioscience Price Performance

Shares of NASDAQ SKYE traded down $0.04 during midday trading on Friday, hitting $0.58. The company’s stock had a trading volume of 619,849 shares, compared to its average volume of 1,138,860. The firm has a market capitalization of $19.26 million, a price-to-earnings ratio of -0.41 and a beta of 2.86. The business’s fifty day simple moving average is $0.79 and its two-hundred day simple moving average is $1.44. Skye Bioscience has a 1 year low of $0.57 and a 1 year high of $5.75.

Skye Bioscience (NASDAQ:SKYE) last announced its earnings results on Tuesday, March 10th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.07). Analysts anticipate that Skye Bioscience will post -1.04 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Skye Bioscience in a report on Monday, December 29th. Citigroup restated a “market outperform” rating on shares of Skye Bioscience in a research note on Monday, January 5th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.80.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP purchased a new stake in Skye Bioscience during the 2nd quarter worth about $436,000. XTX Topco Ltd acquired a new position in shares of Skye Bioscience during the fourth quarter worth about $40,000. Qube Research & Technologies Ltd acquired a new stake in Skye Bioscience in the second quarter valued at approximately $218,000. Vanguard Group Inc. raised its holdings in Skye Bioscience by 5.3% in the third quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock valued at $3,469,000 after acquiring an additional 44,824 shares in the last quarter. Finally, Capital Advisors Wealth Management LLC grew its holdings in Skye Bioscience by 143.1% during the 2nd quarter. Capital Advisors Wealth Management LLC now owns 50,800 shares of the company’s stock worth $212,000 after acquiring an additional 29,900 shares in the last quarter. 21.09% of the stock is currently 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.