Skye Bioscience (NASDAQ:SKYE) Major Shareholder Sells $23,849.00 in Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) major shareholder 5Am Partners Vii, Llc sold 68,140 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $0.35, for a total value of $23,849.00. Following the completion of the transaction, the insider owned 55,254 shares of the company’s stock, valued at $19,338.90. The trade was a 55.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Thursday, August 20th, 5Am Partners Vii, Llc sold 7,700 shares of Skye Bioscience stock. The stock was sold at an average price of $0.32, for a total value of $2,464.00.
• On Tuesday, August 18th, 5Am Partners Vii, Llc sold 300,000 shares of Skye Bioscience stock. The stock was sold at an average price of $0.38, for a total transaction of $114,000.00.

Skye Bioscience Price Performance

Shares of Skye Bioscience stock opened at $0.28 on Friday. The firm has a market capitalization of $9.92 million, a PE ratio of -0.22 and a beta of 2.97. The company’s fifty day moving average price is $0.61 and its two-hundred day moving average price is $0.71. Skye Bioscience, Inc. has a 52-week low of $0.26 and a 52-week high of $4.99.

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

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.27) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.02. Analysts predict that Skye Bioscience, Inc. will post -0.93 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SKYE. XTX Topco Ltd bought a new position in shares of Skye Bioscience during the fourth quarter valued at $40,000. Two Sigma Investments LP grew its holdings in shares of Skye Bioscience by 46.2% in the 3rd 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. Dimensional Fund Advisors LP acquired a new stake in shares of Skye Bioscience during the 3rd quarter worth about $53,000. Vanguard Group Inc. increased its position in shares of Skye Bioscience by 5.3% during the 3rd quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock worth $3,469,000 after purchasing an additional 44,824 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in Skye Bioscience by 121.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock valued at $46,000 after purchasing an additional 5,989 shares during the last quarter. 21.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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.