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

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) were down 31% during trading on Thursday . The stock traded as low as $2.63 and last traded at $1.89. Approximately 61,166 shares changed hands during trading, a decline of 71% from the average daily volume of 210,139 shares. The stock had previously closed at $2.73.

Analyst Upgrades and Downgrades

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

Skye Bioscience Price Performance

The firm’s 50-day moving average is $2.69 and its 200-day moving average is $2.84.

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

Institutional Trading of Skye Bioscience

Several hedge funds have recently bought and sold shares of SKYE. Baker BROS. Advisors LP grew its position in Skye Bioscience by 186.9% in the 3rd quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock valued at $5,609,000 after purchasing an additional 934,634 shares during the period. Braidwell LP acquired a new stake in Skye Bioscience in the 4th quarter valued at $2,337,000. Schonfeld Strategic Advisors LLC grew its position in Skye Bioscience by 48.3% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 1,422,741 shares of the company’s stock valued at $4,026,000 after purchasing an additional 463,644 shares during the period. Sphera Funds Management LTD. grew its position in Skye Bioscience by 20.4% in the 3rd quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock valued at $6,113,000 after purchasing an additional 265,210 shares during the period. Finally, Deutsche Bank AG lifted its stake in Skye Bioscience by 365.0% during the 4th quarter. Deutsche Bank AG now owns 40,835 shares of the company’s stock valued at $116,000 after acquiring an additional 32,054 shares in the last quarter. 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.