Skye Bioscience, Inc. (NASDAQ:SKYE) Short Interest Down 89.3% in August

Skye Bioscience, Inc. (NASDAQ:SKYE) saw a large decline in short interest during the month of August. As of August 31st, there was short interest totaling 128,781 shares, a decline of 89.3% from the August 15th total of 1,203,600 shares. Approximately 3.1% of the shares of the stock are sold short. Based on an average daily volume of 217,817 shares, the short-interest ratio is presently 0.6 days.

Insider Activity at Skye Bioscience

In related news, Director Andrew J. Schwab sold 37,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $3.04, for a total value of $114,000.00. Following the sale, the director directly owned 6,957 shares in the company, valued at $21,149.28. The trade was a 84.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder 5Am Partners Vii, Llc sold 37,500 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $3.04, for a total transaction of $114,000.00. Following the sale, the insider directly owned 6,957 shares of the company’s stock, valued at approximately $21,149.28. This represents a 84.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 93,958 shares of company stock worth $280,621 in the last ninety days. Corporate insiders own 6.20% of the company’s stock.

Institutional Trading of Skye Bioscience

Several large investors have recently added to or reduced their stakes in the company. XTX Topco Ltd purchased a new stake in shares of Skye Bioscience in the fourth quarter valued at $40,000. Tower Research Capital LLC TRC grew 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 buying an additional 5,989 shares in the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of Skye Bioscience during the third quarter valued at $53,000. Qube Research & Technologies Ltd acquired a new position in Skye Bioscience during the second quarter valued at $218,000. Finally, Two Sigma Investments LP raised its position in 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 buying an additional 29,163 shares during the period. 21.09% of the stock is owned by institutional investors and hedge funds.

Skye Bioscience Trading Down 1.9%

SKYE stock traded down $0.04 during mid-day trading on Friday, reaching $2.04. 66,151 shares of the stock traded hands, compared to its average volume of 199,405. Skye Bioscience has a 52-week low of $1.64 and a 52-week high of $39.92. The stock’s fifty day moving average is $3.77 and its 200-day moving average is $5.24. The company has a market cap of $9.04 million, a P/E ratio of -0.20 and a beta of 2.90.

Skye Bioscience (NASDAQ:SKYE) last released its earnings results on Friday, August 14th. The company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.02. Equities research analysts expect that Skye Bioscience will post -7.41 earnings per share for the current year.

Wall Street Analyst Weigh In

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

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.