Andrew Schwab Sells 68,140 Shares of Skye Bioscience (NASDAQ:SKYE) Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew Schwab sold 68,140 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $0.35, for a total value of $23,849.00. Following the sale, the director owned 55,254 shares of the company’s stock, valued at approximately $19,338.90. The trade was a 55.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Skye Bioscience Stock Performance

Shares of NASDAQ SKYE opened at $0.28 on Friday. Skye Bioscience, Inc. has a 52 week low of $0.26 and a 52 week high of $4.99. The stock has a market capitalization of $9.92 million, a P/E ratio of -0.22 and a beta of 2.97. The stock’s fifty day moving average is $0.61 and its 200 day moving average is $0.71.

Skye Bioscience’s stock is set 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 closing bell on Sunday, August 23rd.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings data 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. Equities research analysts forecast that Skye Bioscience, Inc. will post -0.93 earnings per share for the current year.

Institutional Trading of Skye Bioscience

A number of hedge funds have recently made changes to their positions in SKYE. Vanguard Group Inc. grew its holdings in shares of Skye Bioscience by 5.3% during the third 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 last quarter. Marshall Wace LLP bought a new position in Skye Bioscience in the 2nd quarter valued at approximately $436,000. Two Sigma Investments LP raised 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 buying an additional 29,163 shares during the last quarter. Qube Research & Technologies Ltd bought a new position in Skye Bioscience in the 2nd quarter valued at approximately $218,000. Finally, Dimensional Fund Advisors LP acquired a new stake in Skye Bioscience during the 3rd quarter worth approximately $53,000. 21.09% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Skye Bioscience in a research report on Friday, July 10th. Two research 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $8.00.

Skye Bioscience Company Profile

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.