Skye Bioscience (NASDAQ:SKYE) Releases Quarterly Earnings Results

Skye Bioscience (NASDAQ:SKYE) announced its quarterly earnings data on Friday. The company reported $0.01 earnings per share for the quarter, FiscalAI reports.

Skye Bioscience Price Performance

Shares of NASDAQ:SKYE traded up $0.01 on Friday, reaching $1.09. 65,157 shares of the company traded hands, compared to its average volume of 65,779. Skye Bioscience has a fifty-two week low of $0.50 and a fifty-two week high of $11.68. The company’s 50 day moving average is $1.57 and its 200-day moving average is $4.56. The stock has a market capitalization of $4.83 million, a PE ratio of -0.11 and a beta of 3.13.

Insider Buying and Selling at Skye Bioscience

In other news, Director Andrew J. Schwab sold 119,379 shares of the business’s stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $1.61, for a total transaction of $192,200.19. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder 5Am Partners Vii, Llc sold 119,379 shares of the business’s stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $1.61, for a total value of $192,200.19. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 457,900 shares of company stock valued at $889,198. Corporate insiders own 6.20% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered Skye Bioscience from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 27th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Skye Bioscience currently has a consensus rating of “Hold”.

About Skye Bioscience

Skye Bioscience, Inc. is a clinical-stage biopharmaceutical company focused on developing therapies that modulate the endocannabinoid system, a network involved in metabolism, inflammation and immune regulation. The company is based in San Diego, California, and develops drug candidates for conditions in which endocannabinoid signaling may contribute to disease. Skye’s lead program is nimacimab, an investigational monoclonal antibody designed to inhibit the cannabinoid 1 (CB1) receptor outside the central nervous system.