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

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

Analyst Ratings Changes

SKYE has been the topic of a number of recent analyst reports. JMP Securities initiated coverage on Skye Bioscience in a research note on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $14.00 target price 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 target on shares of Skye Bioscience in a report on Friday, September 20th. Finally, Scotiabank initiated coverage on shares of Skye Bioscience in a report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 price objective on the stock. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Skye Bioscience has an average rating of “Buy” and a consensus price target of $18.67.

Skye Bioscience Price Performance

The stock has a fifty day moving average of $3.63 and a two-hundred day moving average of $4.25.

Insider Activity

In related news, CFO Kaitlyn Arsenault sold 43,206 shares of the company’s stock in a transaction on Monday, November 18th. The shares were 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 directly owns 166,342 shares of the company’s stock, valued at approximately $830,046.58. This represents a 20.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tuan Tu Diep sold 19,489 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $97,250.11. Following the completion of the sale, the insider now owns 82,259 shares of the company’s stock, valued at approximately $410,472.41. This represents a 19.15 % 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 three months. Corporate insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On Skye Bioscience

Several institutional investors and hedge funds have recently modified their holdings of SKYE. Barclays PLC raised its holdings in shares of Skye Bioscience by 36.7% during the 3rd quarter. Barclays PLC now owns 57,889 shares of the company’s stock valued at $226,000 after buying an additional 15,551 shares during the period. Geode Capital Management LLC grew its position in Skye Bioscience by 4.2% in the third quarter. Geode Capital Management LLC now owns 385,793 shares of the company’s stock valued at $1,509,000 after acquiring an additional 15,614 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Skye Bioscience during the third quarter valued at approximately $48,000. Sphera Funds Management LTD. lifted its position in shares of Skye Bioscience by 20.4% during the third quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock worth $6,113,000 after purchasing an additional 265,210 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Skye Bioscience by 7.0% in the third quarter. State Street Corp now owns 354,205 shares of the company’s stock valued at $1,385,000 after purchasing an additional 23,201 shares during the period. Hedge funds and other institutional investors own 21.09% of the company’s stock.

About Skye Bioscience

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.