Skye Bioscience (NASDAQ:SKYE) Director Sells $47,355.00 in Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew Schwab sold 28,700 shares of Skye Bioscience stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $1.65, for a total value of $47,355.00. Following the sale, the director directly owned 4,528 shares in the company, valued at $7,471.20. The trade was a 86.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Skye Bioscience Price Performance

Shares of SKYE traded down $0.10 during mid-day trading on Thursday, reaching $1.70. The company had a trading volume of 37,211 shares, compared to its average volume of 62,529. Skye Bioscience, Inc. has a twelve month low of $1.50 and a twelve month high of $39.92. The company’s 50-day moving average is $3.20 and its 200-day moving average is $5.00. The company has a market capitalization of $7.53 million, a P/E ratio of -0.17 and a beta of 2.90.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings results on Friday, August 14th. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.02. As a group, equities analysts expect that Skye Bioscience, Inc. will post -5.04 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Weiss Ratings lowered shares of 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 assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target 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).