Skye Bioscience (NASDAQ:SKYE) Major Shareholder Sells $114,000.00 in Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) major shareholder 5Am Partners Vii, Llc sold 300,000 shares of the business’s stock in a transaction dated Tuesday, August 18th. The shares were 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 approximately $21,151.94. This represents a 84.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Large shareholders that own at least 10% of a company’s shares 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 Stock Down 0.1%

Shares of SKYE stock opened at $0.28 on Friday. The firm has a market cap of $9.92 million, a price-to-earnings ratio of -0.22 and a beta of 2.97. The company’s 50 day moving average is $0.61 and its 200 day moving average is $0.71. Skye Bioscience, Inc. has a 52-week low of $0.26 and a 52-week high of $4.99.

Shares of Skye Bioscience are going to reverse split on 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 earnings results on Friday, August 14th. The company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.02. Analysts anticipate that Skye Bioscience, Inc. will post -0.93 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Skye Bioscience in a research report on Friday, July 10th. Two equities research 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $8.00.

Institutional Investors Weigh In On Skye Bioscience

A number of large investors have recently modified their holdings of SKYE. Marshall Wace LLP acquired a new position in shares of Skye Bioscience during the second quarter valued at about $436,000. XTX Topco Ltd acquired a new stake in Skye Bioscience in the 4th quarter worth approximately $40,000. Qube Research & Technologies Ltd purchased a new stake in Skye Bioscience during the 2nd quarter worth approximately $218,000. Vanguard Group Inc. grew its position in 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 last quarter. Finally, Two Sigma Investments LP increased its stake in Skye Bioscience by 46.2% during 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 in the last quarter. Hedge funds and other 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.