Skye Bioscience (NASDAQ:SKYE) Stock Price Up 8.5% – Here’s Why

Skye Bioscience, Inc. (NASDAQ:SKYE) shares were up 8.5% during mid-day trading on Thursday . The company traded as high as $2.85 and last traded at $2.96. Approximately 61,166 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 158,370 shares. The stock had previously closed at $2.73.

Skye Bioscience Trading Up 2.4 %

The firm has a fifty day moving average price of $2.89 and a 200 day moving average price of $3.64.

Insider Buying and Selling at Skye Bioscience

In related news, CEO Punit Dhillon sold 82,546 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 value of $411,904.54. Following the sale, the chief executive officer now directly owns 329,823 shares in the company, valued at approximately $1,645,816.77. The trade was a 20.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kaitlyn Arsenault sold 43,206 shares of the company’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 $215,597.94. Following the completion of the transaction, the chief financial officer now directly owns 166,342 shares in the company, valued at $830,046.58. The trade was a 20.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 232,431 shares of company stock worth $1,160,360 in the last ninety days. 3.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Skye Bioscience

A number of hedge funds have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC purchased a new position in shares of Skye Bioscience during the second quarter worth $30,000. Charles Schwab Investment Management Inc. lifted its stake in Skye Bioscience by 20.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company’s stock worth $176,000 after acquiring an additional 10,707 shares in the last quarter. Jane Street Group LLC purchased a new position in Skye Bioscience during the 3rd quarter valued at about $48,000. Barclays PLC boosted its holdings in 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 acquiring an additional 15,551 shares during the period. Finally, Geode Capital Management LLC grew its position in Skye Bioscience by 4.2% in the 3rd 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. 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.