Skye Bioscience (NASDAQ:SKYE) Trading Up 8.5% – Still a Buy?

Skye Bioscience, Inc. (NASDAQ:SKYE)’s stock price was up 8.5% during trading on Thursday . The stock traded as high as $2.85 and last traded at $2.96. Approximately 61,166 shares traded 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 Price Performance

The company’s 50-day moving average price is $2.89 and its two-hundred day moving average price is $3.64.

Insider Activity at Skye Bioscience

In other news, 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 value of $430,357.56. Following the completion of the sale, the director now owns 259,701 shares of the company’s stock, valued at approximately $1,295,907.99. The trade was a 24.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Punit Dhillon sold 82,546 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $411,904.54. Following the transaction, the chief executive officer now directly owns 329,823 shares in the company, valued at approximately $1,645,816.77. This represents a 20.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 232,431 shares of company stock worth $1,160,360. Insiders own 3.00% of the company’s stock.

Institutional Trading of Skye Bioscience

A number of institutional investors have recently bought and sold shares of SKYE. Cubist Systematic Strategies LLC acquired a new stake in shares of Skye Bioscience in the second quarter valued at approximately $30,000. Jane Street Group LLC bought a new position in Skye Bioscience during the 3rd quarter worth $48,000. Charles Schwab Investment Management Inc. increased 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 during the period. BNP Paribas Financial Markets increased its stake in Skye Bioscience by 71.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock worth $185,000 after acquiring an additional 19,704 shares during the period. Finally, Barclays PLC lifted its position 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 acquiring an additional 15,551 shares during the period. 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.