Skye Bioscience (NASDAQ:SKYE) Major Shareholder 5Am Partners Vii, Llc Sells 300,000 Shares of Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) major shareholder 5Am Partners Vii, Llc sold 300,000 shares of the business’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $0.38, for a total transaction of $114,000.00. Following the completion of the sale, the insider owned 55,663 shares of the company’s stock, valued at $21,151.94. The trade was a 84.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Thursday, August 20th, 5Am Partners Vii, Llc sold 7,700 shares of Skye Bioscience stock. The stock was sold at an average price of $0.32, for a total transaction of $2,464.00.
• On Wednesday, August 19th, 5Am Partners Vii, Llc sold 68,140 shares of Skye Bioscience stock. The shares were sold at an average price of $0.35, for a total transaction of $23,849.00.

Skye Bioscience Trading Down 8.3%

SKYE traded down $0.03 during trading on Thursday, hitting $0.28. The stock had a trading volume of 1,586,567 shares, compared to its average volume of 461,376. The firm has a market cap of $9.93 million, a PE ratio of -0.22 and a beta of 2.97. Skye Bioscience, Inc. has a 12 month low of $0.28 and a 12 month high of $4.99. The company has a 50 day simple moving average of $0.63 and a 200-day simple moving average of $0.72.

Skye Bioscience shares are going to reverse split on the morning of 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 released its quarterly earnings results on Friday, August 14th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. As a group, sell-side analysts anticipate that Skye Bioscience, Inc. will post -0.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Skye Bioscience

Institutional investors and hedge funds have recently bought and sold shares of the stock. XTX Topco Ltd acquired a new position in Skye Bioscience during the 4th quarter valued at $40,000. Two Sigma Investments LP boosted its holdings in Skye Bioscience by 46.2% in the 3rd 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 during the period. Dimensional Fund Advisors LP acquired a new stake in Skye Bioscience in the 3rd quarter worth $53,000. Vanguard Group Inc. increased its holdings in shares of Skye Bioscience by 5.3% during the 3rd quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock worth $3,469,000 after purchasing an additional 44,824 shares during the period. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Skye Bioscience by 121.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after purchasing an additional 5,989 shares during the period. Institutional investors own 21.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Skye Bioscience in a research note on Friday, July 10th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target 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.