Skye Bioscience, Inc. (NASDAQ:SKYE) Director Paul A. Grayson Sells 86,244 Shares of Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Paul A. Grayson sold 86,244 shares of Skye Bioscience stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $430,357.56. Following the completion of the sale, the director now owns 259,701 shares of the company’s stock, valued at $1,295,907.99. This trade represents a 24.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Skye Bioscience Trading Down 4.8 %

SKYE traded down $0.22 on Tuesday, hitting $4.34. 97,100 shares of the company were exchanged, compared to its average volume of 179,792. The firm has a 50-day moving average price of $5.08 and a two-hundred day moving average price of $5.00. Skye Bioscience, Inc. has a twelve month low of $1.44 and a twelve month high of $19.41.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. JMP Securities started coverage on Skye Bioscience in a research report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 target price on shares of Skye Bioscience in a report on Friday, September 20th. Piper Sandler reiterated an “overweight” rating and set a $20.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. Finally, Scotiabank initiated coverage on shares of Skye Bioscience in a research note on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 price objective for the company. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Skye Bioscience has a consensus rating of “Buy” and a consensus price target of $18.67.

Hedge Funds Weigh In On Skye Bioscience

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC acquired a new stake in Skye Bioscience in the second quarter valued at approximately $30,000. Point72 DIFC Ltd purchased a new stake in shares of Skye Bioscience in the 2nd quarter valued at approximately $48,000. Jane Street Group LLC acquired a new stake in shares of Skye Bioscience in the 3rd quarter valued at $48,000. Rhumbline Advisers purchased a new stake in shares of Skye Bioscience during the 2nd quarter worth $158,000. Finally, AdvisorShares Investments LLC acquired a new position in shares of Skye Bioscience during the second quarter worth $210,000. 21.09% of the stock is owned by institutional investors and hedge funds.

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.