Insider Selling: Skye Bioscience (NASDAQ:SKYE) Major Shareholder Sells 28,700 Shares of Company Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) major shareholder 5Am Partners Vii, Llc sold 28,700 shares of the company’s stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $1.65, for a total value of $47,355.00. Following the completion of the sale, the insider owned 4,528 shares of the company’s stock, valued at approximately $7,471.20. This trade represents a 86.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

5Am Partners Vii, Llc also recently made the following trade(s):

• On Wednesday, September 23rd, 5Am Partners Vii, Llc sold 119,379 shares of Skye Bioscience stock. The stock was sold at an average price of $1.61, for a total value of $192,200.19.
• On Wednesday, September 16th, 5Am Partners Vii, Llc sold 33,892 shares of Skye Bioscience stock. The stock was sold at an average price of $1.91, for a total transaction of $64,733.72.
• On Thursday, August 20th, 5Am Partners Vii, Llc sold 962 shares of Skye Bioscience stock. The stock was sold at an average price of $2.56, for a total transaction of $2,462.72.
• On Wednesday, August 19th, 5Am Partners Vii, Llc sold 8,517 shares of Skye Bioscience stock. The shares were sold at an average price of $2.80, for a total transaction of $23,847.60.
• On Tuesday, August 18th, 5Am Partners Vii, Llc sold 37,500 shares of Skye Bioscience stock. The shares were sold at an average price of $3.04, for a total transaction of $114,000.00.

Skye Bioscience Price Performance

Shares of SKYE traded down $0.10 during mid-day trading on Thursday, hitting $1.70. The company’s stock had a trading volume of 37,211 shares, compared to its average volume of 62,529. The firm has a 50-day moving average price of $3.20 and a 200 day moving average price of $5.00. The stock has a market capitalization of $7.53 million, a price-to-earnings ratio of -0.17 and a beta of 2.90. Skye Bioscience, Inc. has a fifty-two week low of $1.50 and a fifty-two week high of $39.92.

Skye Bioscience (NASDAQ:SKYE) last released its earnings results on Friday, August 14th. The company reported ($0.27) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.02. As a group, equities analysts anticipate that Skye Bioscience, Inc. will post -5.04 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut Skye Bioscience from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 27th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Skye Bioscience has an average rating of “Hold” and a consensus price target of $64.00.

About Skye Bioscience

Skye Bioscience, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that modulate the endocannabinoid system, a network involved in metabolism, inflammation and other physiological processes. The company’s research is centered on therapies designed to influence cannabinoid receptors outside the central nervous system, with the goal of addressing disease while avoiding certain side effects associated with earlier centrally acting cannabinoid drugs.

Skye’s lead investigational product is nimacimab, a monoclonal antibody that targets the cannabinoid receptor 1 (CB1).