Skye Bioscience, Inc. (NASDAQ:SKYE) Short Interest Update

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

Insider Buying and Selling

In other Skye Bioscience news, Director Andrew J. Schwab sold 252,500 shares of Skye Bioscience stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total value of $1,666,500.00. Following the completion of the sale, the director now owns 66,356 shares in the company, valued at $437,949.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Andrew J. Schwab sold 13,837 shares of the company’s 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 completion of the sale, the director now directly owns 66,277 shares in the company, valued at $401,638.62. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total value of $1,666,500.00. Following the completion of the transaction, the director now directly owns 66,356 shares in the company, valued at $437,949.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Cubist Systematic Strategies LLC acquired a new stake in Skye Bioscience during the 2nd quarter valued at approximately $30,000. Point72 DIFC Ltd purchased a new position in shares of Skye Bioscience during the 2nd quarter valued at approximately $48,000. Rhumbline Advisers acquired a new stake in shares of Skye Bioscience during the second quarter worth approximately $158,000. AdvisorShares Investments LLC acquired a new stake in shares of Skye Bioscience during the second quarter worth approximately $210,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Skye Bioscience in the second quarter worth $222,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

Skye Bioscience Stock Down 4.2 %

NASDAQ:SKYE traded down $0.22 during trading hours on Wednesday, hitting $5.00. The stock had a trading volume of 21,010 shares, compared to its average volume of 178,790. The business has a 50 day simple moving average of $4.23 and a two-hundred day simple moving average of $5.07. Skye Bioscience has a 1-year low of $1.44 and a 1-year high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings results on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). As a group, analysts forecast that Skye Bioscience will post -1.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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