Insider Selling: Skye Bioscience (NASDAQ:SKYE) Major Shareholder Sells $64,733.72 in Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) major shareholder 5Am Partners Vii, Llc sold 33,892 shares of Skye Bioscience stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $1.91, for a total value of $64,733.72. Following the completion of the transaction, the insider owned 5,616 shares of the company’s stock, valued at $10,726.56. This trade represents a 85.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Large shareholders that own 10% or more 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 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 value 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 value of $114,000.00.

Skye Bioscience Stock Up 12.4%

Shares of NASDAQ:SKYE traded up $0.20 during trading on Friday, hitting $1.76. 99,274 shares of the company traded hands, compared to its average volume of 61,568. The business’s fifty day moving average is $3.47 and its 200-day moving average is $5.12. The stock has a market capitalization of $7.82 million, a price-to-earnings ratio of -0.17 and a beta of 2.90. Skye Bioscience, Inc. has a one year low of $1.50 and a one year high of $39.92.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. On average, analysts forecast that Skye Bioscience, Inc. will post -5.04 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered shares of Skye Bioscience from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, August 27th. Two investment 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. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus 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.