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

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Paul A. Grayson sold 86,244 shares of the company’s 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 $430,357.56. Following the sale, the director now directly owns 259,701 shares in the company, valued at $1,295,907.99. This trade represents a 24.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Skye Bioscience Trading Down 1.4 %

Shares of NASDAQ:SKYE opened at $4.28 on Thursday. Skye Bioscience, Inc. has a 12 month low of $1.44 and a 12 month high of $19.41. The firm’s 50-day moving average is $5.08 and its 200 day moving average is $5.00.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Cubist Systematic Strategies LLC bought a new stake in shares of Skye Bioscience during the 2nd quarter worth approximately $30,000. Point72 DIFC Ltd purchased a new stake in Skye Bioscience in the second quarter worth $48,000. Jane Street Group LLC purchased a new stake in Skye Bioscience in the third quarter worth $48,000. Rhumbline Advisers bought a new stake in shares of Skye Bioscience during the second quarter worth $158,000. Finally, AdvisorShares Investments LLC bought a new position in shares of Skye Bioscience in the second quarter worth about $210,000. Hedge funds and other institutional investors own 21.09% of the company’s stock.

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.