Skye Bioscience (NASDAQ:SKYE) Releases Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Skye Bioscience (NASDAQ:SKYE) announced its quarterly earnings data on Monday. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.03), FiscalAI reports.

Skye Bioscience Stock Up 2.0%

Shares of SKYE stock opened at $0.88 on Tuesday. The company has a market cap of $30.91 million, a price-to-earnings ratio of -0.63 and a beta of 3.03. Skye Bioscience has a 52 week low of $0.57 and a 52 week high of $5.75. The firm has a 50 day moving average of $0.75 and a 200-day moving average of $0.97.

Institutional Investors Weigh In On Skye Bioscience

Several hedge funds and other institutional investors have recently modified their holdings of the company. XTX Topco Ltd bought a new stake in shares of Skye Bioscience during the fourth quarter valued at approximately $40,000. Two Sigma Investments LP increased its holdings in shares of Skye Bioscience by 46.2% during the third quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock valued at $363,000 after acquiring an additional 29,163 shares in the last quarter. Dimensional Fund Advisors LP bought a new stake in shares of Skye Bioscience during the third quarter valued at approximately $53,000. Vanguard Group Inc. increased 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 valued at $3,469,000 after acquiring an additional 44,824 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings 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. 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.