Andrew Schwab Sells 33,892 Shares of Skye Bioscience (NASDAQ:SKYE) Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew Schwab sold 33,892 shares of the business’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $1.91, for a total transaction of $64,733.72. Following the completion of the sale, the director directly owned 5,616 shares in the company, valued at $10,726.56. This trade represents a 85.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Skye Bioscience Stock Performance

Shares of NASDAQ:SKYE traded up $0.20 during midday trading on Friday, reaching $1.76. 99,274 shares of the company’s stock were exchanged, compared to its average volume of 61,568. The company’s 50 day simple moving average is $3.47 and its two-hundred day simple moving average is $5.12. Skye Bioscience, Inc. has a 12 month low of $1.50 and a 12 month high of $39.92. The firm has a market capitalization of $7.82 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) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. On average, research analysts anticipate that Skye Bioscience, Inc. will post -5.04 earnings per share for the current year.

Analyst Ratings Changes

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

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.