Skye Bioscience (NASDAQ:SKYE) Shares Down 3% – Should You Sell?

Skye Bioscience, Inc. (NASDAQ:SKYE)’s share price was down 3% on Wednesday . The company traded as low as $2.48 and last traded at $2.55. Approximately 123,290 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 188,054 shares. The stock had previously closed at $2.63.

Analysts Set New Price Targets

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

Skye Bioscience Stock Performance

The business has a 50 day moving average price of $3.63 and a 200 day moving average price of $4.25.

Insider Buying and Selling at Skye Bioscience

In related news, CEO Punit Dhillon sold 82,546 shares of Skye Bioscience stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $411,904.54. Following the completion of the sale, the chief executive officer now owns 329,823 shares in the company, valued at $1,645,816.77. This trade represents a 20.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Paul A. Grayson sold 86,244 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $430,357.56. Following the completion of the sale, the director now directly owns 259,701 shares of the company’s stock, valued at approximately $1,295,907.99. This trade represents a 24.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 232,431 shares of company stock valued at $1,160,360 in the last quarter. 3.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Cubist Systematic Strategies LLC bought a new position in Skye Bioscience during the 2nd quarter worth about $30,000. Point72 DIFC Ltd bought a new position in shares of Skye Bioscience during the second quarter valued at approximately $48,000. Jane Street Group LLC bought a new position in shares of Skye Bioscience during the third quarter valued at approximately $48,000. Rhumbline Advisers purchased a new position in Skye Bioscience during the second quarter valued at approximately $158,000. Finally, BNP Paribas Financial Markets raised its stake in Skye Bioscience by 71.1% in the third quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock worth $185,000 after buying an additional 19,704 shares in the last quarter. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

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.