Andrew Schwab Sells 300,000 Shares of Skye Bioscience (NASDAQ:SKYE) Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew Schwab sold 300,000 shares of Skye Bioscience stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $0.38, for a total value of $114,000.00. Following the completion of the sale, the director directly owned 55,663 shares of the company’s stock, valued at $21,151.94. This trade represents a 84.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Skye Bioscience Price Performance

Shares of SKYE stock traded down $0.03 on Thursday, reaching $0.28. 1,586,567 shares of the stock were exchanged, compared to its average volume of 461,376. Skye Bioscience, Inc. has a one year low of $0.28 and a one year high of $4.99. The stock has a market cap of $9.93 million, a PE ratio of -0.22 and a beta of 2.97. The stock has a 50 day moving average price of $0.63 and a 200 day moving average price 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 posted its quarterly earnings results on Friday, August 14th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.02. On average, research analysts expect that Skye Bioscience, Inc. will post -0.93 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Skye Bioscience in a research note on Friday, July 10th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Skye Bioscience currently has a consensus rating of “Hold” and a consensus price target of $8.00.

Institutional Trading of Skye Bioscience

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position 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 valued at $3,469,000 after acquiring an additional 44,824 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Skye Bioscience in the 2nd quarter worth $436,000. Two Sigma Investments LP boosted its position in shares of Skye Bioscience by 46.2% in the 3rd quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock worth $363,000 after purchasing an additional 29,163 shares during the last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of Skye Bioscience during the second quarter worth $218,000. Finally, Dimensional Fund Advisors LP acquired a new stake in shares of Skye Bioscience during the third quarter worth $53,000. Institutional investors own 21.09% of the company’s stock.

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.