Skye Bioscience (NASDAQ:SKYE) Shares Down 4.8% – Time to Sell?

Skye Bioscience, Inc. (NASDAQ:SKYE) was down 4.8% on Friday. The stock traded as low as $0.9801 and last traded at $0.9903. Approximately 21,218 shares changed hands during trading, a decline of 14% from the average daily volume of 24,632 shares. The stock had previously closed at $1.04.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut 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 data from MarketBeat, Skye Bioscience presently has a consensus rating of “Hold”.

Skye Bioscience Stock Performance

The firm has a market capitalization of $4.39 million, a price-to-earnings ratio of -0.10 and a beta of 3.13. The company has a 50-day moving average price of $1.64 and a 200-day moving average price of $4.70.

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

Insider Buying and Selling

In other news, major shareholder 5Am Partners Vii, Llc sold 119,379 shares of the business’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 transaction of $192,200.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Andrew Schwab sold 119,379 shares of the company’s stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $1.61, for a total transaction of $192,200.19. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 457,900 shares of company stock worth $889,198. 6.20% of the stock is owned by corporate insiders.

Skye Bioscience Company Profile

Skye Bioscience, Inc is a clinical-stage biopharmaceutical company focused on developing therapies that modulate the endocannabinoid system, a network involved in metabolism, inflammation and immune regulation. The company is based in San Diego, California, and develops drug candidates for conditions in which endocannabinoid signaling may contribute to disease.

Skye’s lead program is nimacimab, an investigational monoclonal antibody designed to inhibit the cannabinoid 1 (CB1) receptor outside the central nervous system.