Skye Bioscience, Inc. (NASDAQ:SKYE) Short Interest Up 26.8% in November

Skye Bioscience, Inc. (NASDAQ:SKYE) saw a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 1,990,000 shares, a growth of 26.8% from the October 31st total of 1,570,000 shares. Currently, 11.3% of the shares of the company are sold short. Based on an average daily volume of 314,400 shares, the short-interest ratio is presently 6.3 days.

Analyst Ratings Changes

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

Skye Bioscience Stock Up 5.4 %

Shares of NASDAQ SKYE traded up $0.23 during midday trading on Friday, reaching $4.49. The company’s stock had a trading volume of 44,000 shares, compared to its average volume of 177,405. The business’s 50 day moving average price is $4.93 and its two-hundred day moving average price is $4.94. Skye Bioscience has a fifty-two week low of $1.44 and a fifty-two week high of $19.41.

Insider Transactions at Skye Bioscience

In related news, insider Tuan Tu Diep sold 19,489 shares of the stock in a transaction 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 sale, the insider now owns 82,259 shares in the company, valued at approximately $410,472.41. This represents a 19.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew J. Schwab sold 13,837 shares of Skye Bioscience stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.06, for a total transaction of $83,852.22. Following the transaction, the director now directly owns 66,277 shares of the company’s stock, valued at approximately $401,638.62. This trade represents a 17.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 498,768 shares of company stock worth $2,910,713 in the last ninety days. Insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On Skye Bioscience

A number of hedge funds have recently added to or reduced their stakes in SKYE. Barclays PLC grew its holdings in shares of Skye Bioscience by 36.7% during the 3rd quarter. Barclays PLC now owns 57,889 shares of the company’s stock worth $226,000 after purchasing an additional 15,551 shares in the last quarter. Geode Capital Management LLC lifted its position in Skye Bioscience by 4.2% during the third quarter. Geode Capital Management LLC now owns 385,793 shares of the company’s stock worth $1,509,000 after purchasing an additional 15,614 shares during the period. Jane Street Group LLC acquired a new stake in Skye Bioscience during the third quarter worth about $48,000. Sphera Funds Management LTD. increased its holdings in Skye Bioscience by 20.4% in the 3rd quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock valued at $6,113,000 after buying an additional 265,210 shares during the period. Finally, State Street Corp raised its position in shares of Skye Bioscience by 7.0% in the 3rd quarter. State Street Corp now owns 354,205 shares of the company’s stock valued at $1,385,000 after buying an additional 23,201 shares in the last quarter. Institutional investors own 21.09% of the company’s stock.

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.