Tuan Tu Diep Sells 19,489 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) insider Tuan Tu Diep sold 19,489 shares of Skye Bioscience stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $97,250.11. Following the transaction, the insider now owns 82,259 shares in the company, valued at approximately $410,472.41. The trade was a 19.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Tuan Tu Diep also recently made the following trade(s):

• On Friday, November 15th, Tuan Tu Diep sold 85 shares of Skye Bioscience stock. The shares were sold at an average price of $5.55, for a total value of $471.75.

Skye Bioscience Trading Down 2.6 %

Shares of SKYE opened at $4.17 on Friday. The firm has a 50-day simple moving average of $5.08 and a two-hundred day simple moving average of $5.00. Skye Bioscience, Inc. has a 1-year low of $1.44 and a 1-year high of $19.41.

Institutional Trading of Skye Bioscience

Institutional investors have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC acquired a new position in Skye Bioscience during the second quarter worth $30,000. Point72 DIFC Ltd acquired a new stake in Skye Bioscience during the 2nd quarter worth approximately $48,000. Jane Street Group LLC purchased a new position in Skye Bioscience in the 3rd quarter valued at approximately $48,000. Rhumbline Advisers acquired a new position in shares of Skye Bioscience in the second quarter worth $158,000. Finally, AdvisorShares Investments LLC purchased a new stake in shares of Skye Bioscience during the second quarter worth $210,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

Analysts Set New Price Targets

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

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.