Andrew Schwab Sells 300,000 Shares of Skye Bioscience (NASDAQ:SKYE) Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew Schwab sold 300,000 shares of the business’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $0.38, for a total transaction of $114,000.00. Following the completion of the transaction, the director directly owned 55,663 shares in the company, valued at $21,151.94. This trade represents a 84.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Skye Bioscience Trading Down 0.1%

Shares of SKYE stock opened at $0.28 on Friday. The stock has a market capitalization of $9.92 million, a price-to-earnings ratio of -0.22 and a beta of 2.97. Skye Bioscience, Inc. has a 12-month low of $0.26 and a 12-month high of $4.99. The stock’s 50-day moving average price is $0.61 and its 200-day moving average price is $0.71.

Skye Bioscience’s stock is set to reverse split before the market opens on Monday, August 24th. The 1-8 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Sunday, August 23rd.

Skye Bioscience (NASDAQ:SKYE) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.02. As a group, research analysts predict that Skye Bioscience, Inc. will post -0.93 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Skye Bioscience in a report on Friday, July 10th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $8.00.

Institutional Investors Weigh In On Skye Bioscience

A number of large investors have recently modified their holdings of the business. Dimensional Fund Advisors LP acquired a new stake in Skye Bioscience during the 3rd quarter valued at approximately $53,000. Vanguard Group Inc. increased its stake in shares of Skye Bioscience by 5.3% in the third quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock worth $3,469,000 after acquiring an additional 44,824 shares during the period. Marshall Wace LLP purchased a new position in shares of Skye Bioscience during the second quarter worth $436,000. Two Sigma Investments LP raised 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 worth $363,000 after purchasing an additional 29,163 shares during the last quarter. Finally, Qube Research & Technologies Ltd acquired a new position in Skye Bioscience during the second quarter valued at $218,000. 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.