Skye Bioscience (NASDAQ:SKYE) Director Andrew Schwab Sells 68,140 Shares

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew Schwab sold 68,140 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $0.35, for a total value of $23,849.00. Following the sale, the director owned 55,254 shares in the company, valued at approximately $19,338.90. This trade represents a 55.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Skye Bioscience Stock Performance

Shares of Skye Bioscience stock opened at $0.28 on Friday. The stock has a market cap of $9.93 million, a price-to-earnings ratio of -0.22 and a beta of 2.97. The stock has a 50 day moving average price of $0.62 and a 200-day moving average price of $0.72. Skye Bioscience, Inc. has a one year low of $0.28 and a one year high of $4.99.

Skye Bioscience shares are going 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 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, Inc. will post -0.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Skye Bioscience

Large investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC boosted its position in Skye Bioscience by 121.3% during the 2nd 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 shares of Skye Bioscience in the 3rd quarter worth $53,000. Qube Research & Technologies Ltd purchased a new stake in shares of Skye Bioscience during the 2nd quarter worth $218,000. XTX Topco Ltd bought a new stake in Skye Bioscience during the fourth quarter valued at about $40,000. Finally, Two Sigma Investments LP boosted its position in 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 purchasing an additional 29,163 shares in the last quarter. Institutional investors own 21.09% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Skye Bioscience in a research note on Friday, July 10th. Two investment 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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price 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.