Kaitlyn Arsenault Sells 43,206 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) CFO Kaitlyn Arsenault sold 43,206 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $215,597.94. Following the completion of the sale, the chief financial officer now owns 166,342 shares of the company’s stock, valued at $830,046.58. The trade was a 20.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Kaitlyn Arsenault also recently made the following trade(s):

• On Friday, November 15th, Kaitlyn Arsenault sold 190 shares of Skye Bioscience stock. The stock was sold at an average price of $5.55, for a total transaction of $1,054.50.

Skye Bioscience Stock Down 1.4 %

Skye Bioscience stock opened at $4.28 on Thursday. The business has a 50 day moving average price of $5.08 and a two-hundred day moving average price of $5.00. Skye Bioscience, Inc. has a 12 month low of $1.44 and a 12 month high of $19.41.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on SKYE shares. JMP Securities initiated coverage on shares of Skye Bioscience in a report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price target for the company. Piper Sandler restated an “overweight” rating and set a $20.00 target price on shares of Skye Bioscience in a research note on Friday, September 20th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $14.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. Finally, Scotiabank initiated coverage on Skye Bioscience in a research report on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 price objective for the company. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $18.67.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SKYE. Logos Global Management LP bought a new stake in Skye Bioscience in the 2nd quarter valued at $10,425,000. Baker BROS. Advisors LP boosted its position in shares of Skye Bioscience by 186.9% during the 3rd quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock valued at $5,609,000 after acquiring an additional 934,634 shares in the last quarter. CVI Holdings LLC bought a new stake in Skye Bioscience in the second quarter valued at about $5,445,000. Driehaus Capital Management LLC acquired a new position in Skye Bioscience in the second quarter worth about $5,213,000. Finally, Point72 Asset Management L.P. bought a new position in Skye Bioscience during the second quarter worth about $4,486,000. 21.09% of the stock is currently owned by institutional investors and hedge funds.

Skye Bioscience Company Profile

Skye Bioscience, Inc, a clinical stage pharmaceutical company, discovers, develops, and commercializes cannabinoid-based molecules for the treatment of infectious diseases. The company's lead product candidate is SBI-100 used in the treatment of glaucoma and ocular hypertension. It is also developing SBI-200 to treat and manage various eye diseases, including uveitis, dry eye syndrome, macular degeneration and diabetic retinopathy.