Short Interest in Skye Bioscience, Inc. (NASDAQ:SKYE) Increases By 17.4%

Skye Bioscience, Inc. (NASDAQ:SKYE) was the recipient of a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 1,420,000 shares, an increase of 17.4% from the September 30th total of 1,210,000 shares. Approximately 7.8% of the company’s shares are short sold. Based on an average daily trading volume, of 325,000 shares, the days-to-cover ratio is presently 4.4 days.

Insider Buying and Selling at Skye Bioscience

In related news, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the transaction, the director now directly owns 66,356 shares of the company’s stock, valued at $437,949.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $6.06, for a total value of $83,852.22. Following the completion of the sale, the director now owns 66,277 shares of the company’s stock, valued at approximately $401,638.62. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Andrew J. Schwab sold 252,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total value of $1,666,500.00. Following the sale, the director now owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SKYE. Point72 DIFC Ltd purchased a new stake in shares of Skye Bioscience in the second quarter worth about $48,000. Cubist Systematic Strategies LLC bought a new stake in Skye Bioscience during the 2nd quarter worth approximately $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Skye Bioscience in the 2nd quarter worth approximately $222,000. Point72 Asset Management L.P. purchased a new stake in Skye Bioscience in the 2nd quarter worth approximately $4,486,000. Finally, Perceptive Advisors LLC bought a new position in Skye Bioscience in the 2nd quarter valued at $4,005,000. Hedge funds and other institutional investors own 21.09% of the company’s stock.

Skye Bioscience Stock Performance

Shares of SKYE traded down $0.22 during mid-day trading on Wednesday, hitting $5.00. The stock had a trading volume of 21,010 shares, compared to its average volume of 178,790. Skye Bioscience has a 52 week low of $1.44 and a 52 week high of $19.41. The business has a fifty day moving average price of $4.23 and a 200-day moving average price of $5.07.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.20) EPS for the quarter, hitting the consensus estimate of ($0.20). On average, equities research analysts forecast that Skye Bioscience will post -1.06 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Piper Sandler reiterated an “overweight” rating and set a $20.00 price objective on shares of Skye Bioscience in a report on Friday, September 20th. JMP Securities assumed coverage on Skye Bioscience in a research note on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. Craig Hallum assumed coverage on shares of Skye Bioscience in a research note on Tuesday, July 9th. They issued a “buy” rating and a $18.00 price objective for the company. Finally, Scotiabank assumed coverage on Skye Bioscience in a research report on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 price objective on the stock. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $18.67.

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.