Skye Bioscience, Inc. (NASDAQ:SKYE) Director Paul A. Grayson Sells 86,244 Shares

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Paul A. Grayson sold 86,244 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $430,357.56. Following the completion of the transaction, the director now directly owns 259,701 shares of the company’s stock, valued at $1,295,907.99. This trade represents a 24.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Skye Bioscience Trading Down 4.8 %

NASDAQ SKYE traded down $0.22 during trading on Tuesday, reaching $4.34. The company’s stock had a trading volume of 97,100 shares, compared to its average volume of 179,792. The business’s fifty day moving average price is $5.08 and its 200-day moving average price is $5.00. Skye Bioscience, Inc. has a twelve month low of $1.44 and a twelve month high of $19.41.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Skye Bioscience

Several institutional investors have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC acquired a new stake in Skye Bioscience during the 2nd quarter worth approximately $30,000. Point72 DIFC Ltd purchased a new stake in shares of Skye Bioscience during the second quarter worth approximately $48,000. Jane Street Group LLC acquired a new stake in shares of Skye Bioscience during the third quarter worth $48,000. Rhumbline Advisers purchased a new position in Skye Bioscience in the 2nd quarter valued at $158,000. Finally, AdvisorShares Investments LLC acquired a new position in Skye Bioscience in the 2nd quarter valued at $210,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

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.