Skye Bioscience (NASDAQ:SKYE) Shares Down 31% – Time to Sell?

Skye Bioscience, Inc. (NASDAQ:SKYE)’s stock price fell 31% during mid-day trading on Thursday . The stock traded as low as $2.63 and last traded at $1.89. 61,166 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 210,139 shares. The stock had previously closed at $2.73.

Wall Street Analyst Weigh In

Separately, William Blair initiated coverage on shares of Skye Bioscience in a research report on Friday, February 28th. They issued an “outperform” rating for the company. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $18.67.

Skye Bioscience Stock Performance

The business’s 50-day moving average price is $2.69 and its two-hundred day moving average price is $2.84.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings results on Thursday, March 20th. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.06. During the same quarter last year, the company posted ($0.36) EPS. Research analysts expect that Skye Bioscience, Inc. will post -1.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Skye Bioscience

Several large investors have recently added to or reduced their stakes in SKYE. Virtu Financial LLC bought a new position in Skye Bioscience during the fourth quarter worth $29,000. Wells Fargo & Company MN lifted its stake in Skye Bioscience by 49.0% during the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock worth $32,000 after purchasing an additional 3,684 shares during the last quarter. Two Sigma Advisers LP bought a new position in Skye Bioscience during the fourth quarter worth $32,000. Squarepoint Ops LLC bought a new position in Skye Bioscience during the fourth quarter worth $38,000. Finally, Jane Street Group LLC bought a new position in Skye Bioscience during the third quarter worth $48,000. 21.09% of the stock is currently owned by institutional investors.

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.