Skye Bioscience (NASDAQ:SKYE) Major Shareholder 5Am Partners Vii, Llc Sells 119,379 Shares of Company Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) major shareholder 5Am Partners Vii, Llc sold 119,379 shares of the firm’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $1.61, for a total transaction of $192,200.19. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

5Am Partners Vii, Llc also recently made the following trade(s):

• On Tuesday, September 22nd, 5Am Partners Vii, Llc sold 28,700 shares of Skye Bioscience stock. The stock was sold at an average price of $1.65, for a total transaction of $47,355.00.
• On Wednesday, September 16th, 5Am Partners Vii, Llc sold 33,892 shares of Skye Bioscience stock. The shares were sold at an average price of $1.91, for a total transaction of $64,733.72.
• On Thursday, August 20th, 5Am Partners Vii, Llc sold 962 shares of Skye Bioscience stock. The shares were sold at an average price of $2.56, for a total transaction of $2,462.72.
• On Wednesday, August 19th, 5Am Partners Vii, Llc sold 8,517 shares of Skye Bioscience stock. The stock was sold at an average price of $2.80, for a total transaction of $23,847.60.
• On Tuesday, August 18th, 5Am Partners Vii, Llc sold 37,500 shares of Skye Bioscience stock. The stock was sold at an average price of $3.04, for a total transaction of $114,000.00.

Skye Bioscience Trading Down 5.6%

SKYE stock traded down $0.10 during midday trading on Thursday, hitting $1.70. The company’s stock had a trading volume of 37,211 shares, compared to its average volume of 62,529. The firm’s 50-day moving average is $3.20 and its 200-day moving average is $5.00. Skye Bioscience, Inc. has a 12 month low of $1.50 and a 12 month high of $39.92. The company has a market cap of $7.53 million, a PE ratio of -0.17 and a beta of 2.90.

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

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded Skye Bioscience from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 27th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $64.00.

About Skye Bioscience

Skye Bioscience, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that modulate the endocannabinoid system, a network involved in metabolism, inflammation and other physiological processes. The company’s research is centered on therapies designed to influence cannabinoid receptors outside the central nervous system, with the goal of addressing disease while avoiding certain side effects associated with earlier centrally acting cannabinoid drugs.

Skye’s lead investigational product is nimacimab, a monoclonal antibody that targets the cannabinoid receptor 1 (CB1).