Skye Bioscience (NASDAQ:SKYE) Director Andrew Schwab Sells 119,379 Shares of Company Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew Schwab sold 119,379 shares of Skye Bioscience stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $1.61, for a total transaction of $192,200.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Skye Bioscience Stock Performance

NASDAQ SKYE traded down $0.10 on Thursday, hitting $1.70. 37,211 shares of the stock traded hands, compared to its average volume of 62,529. The business’s fifty day moving average is $3.20 and its two-hundred day moving average is $5.00. Skye Bioscience, Inc. has a 12 month low of $1.50 and a 12 month high of $39.92. The firm has a market capitalization of $7.53 million, a price-to-earnings ratio of -0.17 and a beta of 2.90.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.02. Analysts expect that Skye Bioscience, Inc. will post -5.04 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Skye Bioscience Company Profile

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).