Skye Bioscience, Inc. (NASDAQ:SKYE) Short Interest Update

Skye Bioscience, Inc. (NASDAQ:SKYE) was the target of a large growth in short interest in March. As of March 13th, there was short interest totaling 1,573,477 shares, a growth of 62.7% from the February 26th total of 967,400 shares. Approximately 4.9% of the company’s shares are short sold. Based on an average daily volume of 1,961,638 shares, the short-interest ratio is presently 0.8 days.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on SKYE shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Skye Bioscience in a research report on Monday, December 29th. Citigroup reaffirmed a “market outperform” rating on shares of Skye Bioscience in a research report on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $9.80.

Institutional Investors Weigh In On Skye Bioscience

A number of large investors have recently added to or reduced their stakes in the company. Capital Advisors Inc. OK purchased a new stake in Skye Bioscience during the 3rd quarter worth $39,000. XTX Topco Ltd purchased a new position in Skye Bioscience in the 4th quarter valued at about $40,000. Millington Financial Advisors LLC acquired a new stake in shares of Skye Bioscience during the second quarter valued at about $44,000. Tower Research Capital LLC TRC grew its stake in shares of Skye Bioscience by 121.3% during the second quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock valued at $46,000 after acquiring an additional 5,989 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of Skye Bioscience during the third quarter worth about $53,000. 21.09% of the stock is owned by institutional investors and hedge funds.

Skye Bioscience Stock Performance

Shares of NASDAQ:SKYE opened at $0.62 on Friday. The business’s 50-day simple moving average is $0.80 and its 200 day simple moving average is $1.48. The company has a market cap of $20.63 million, a P/E ratio of -0.44 and a beta of 2.86. Skye Bioscience has a one year low of $0.60 and a one year high of $5.75.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings results on Tuesday, March 10th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.07). Analysts predict that Skye Bioscience will post -1.04 earnings per share for the current year.

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.