Skye Bioscience, Inc. (NASDAQ:SKYE) CFO Sells 43,206 Shares

Skye Bioscience, Inc. (NASDAQ:SKYE) CFO Kaitlyn Arsenault sold 43,206 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $215,597.94. Following the completion of the sale, the chief financial officer now owns 166,342 shares in the company, valued at approximately $830,046.58. This represents a 20.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Kaitlyn Arsenault also recently made the following trade(s):

• On Friday, November 15th, Kaitlyn Arsenault sold 190 shares of Skye Bioscience stock. The shares were sold at an average price of $5.55, for a total value of $1,054.50.

Skye Bioscience Trading Down 4.8 %

Shares of NASDAQ SKYE traded down $0.22 during trading on Tuesday, reaching $4.34. The company had a trading volume of 97,100 shares, compared to its average volume of 179,792. Skye Bioscience, Inc. has a 52 week low of $1.44 and a 52 week high of $19.41. The business’s 50 day moving average price is $5.08 and its 200-day moving average price is $5.00.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SKYE. Logos Global Management LP bought a new position in Skye Bioscience in the 2nd quarter valued at $10,425,000. Baker BROS. Advisors LP lifted its stake in shares of Skye Bioscience by 186.9% during the third quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock valued at $5,609,000 after acquiring an additional 934,634 shares during the period. CVI Holdings LLC bought a new position in Skye Bioscience in the second quarter valued at about $5,445,000. Driehaus Capital Management LLC acquired a new stake in Skye Bioscience in the second quarter worth about $5,213,000. Finally, Point72 Asset Management L.P. bought a new stake in Skye Bioscience during the 2nd quarter worth about $4,486,000. Institutional investors own 21.09% of the company’s stock.

Wall Street Analyst Weigh In

SKYE has been the topic of several recent analyst reports. Scotiabank started coverage on shares of Skye Bioscience in a research note on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 target price on the stock. JMP Securities initiated coverage on shares of Skye Bioscience in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 price objective on shares of Skye Bioscience in a report on Friday, September 20th. Finally, Piper Sandler reissued an “overweight” rating and issued a $20.00 target price on shares of Skye Bioscience in a report on Friday, September 20th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target 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.