Andrew J. Schwab Sells 252,500 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew J. Schwab sold 252,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total value of $1,666,500.00. Following the completion of the sale, the director now directly owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Skye Bioscience Stock Performance

SKYE stock opened at $6.00 on Friday. Skye Bioscience, Inc. has a fifty-two week low of $1.44 and a fifty-two week high of $19.41. The stock has a fifty day moving average of $5.73 and a 200-day moving average of $6.66.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings results on Friday, August 9th. The company reported ($0.20) earnings per share for the quarter, hitting the consensus estimate of ($0.20). Analysts anticipate that Skye Bioscience, Inc. will post -1.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Craig Hallum assumed coverage on Skye Bioscience in a report on Tuesday, July 9th. They issued a “buy” rating and a $18.00 target price on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 target price on shares of Skye Bioscience in a report on Friday, September 6th. Finally, JMP Securities began coverage on Skye Bioscience in a report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 target price on the stock. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Skye Bioscience currently has a consensus rating of “Buy” and a consensus price target of $18.40.

Institutional Trading of Skye Bioscience

A number of institutional investors have recently added to or reduced their stakes in the stock. Logos Global Management LP bought a new stake in shares of Skye Bioscience during the second quarter valued at about $10,425,000. CVI Holdings LLC bought a new stake in shares of Skye Bioscience during the 2nd quarter valued at about $5,445,000. Driehaus Capital Management LLC bought a new position in shares of Skye Bioscience in the 2nd quarter worth $5,213,000. Point72 Asset Management L.P. bought a new stake in Skye Bioscience during the second quarter worth about $4,486,000. Finally, Perceptive Advisors LLC bought a new position in Skye Bioscience during the second quarter valued at approximately $4,005,000. Hedge funds and other institutional investors 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.