Skye Bioscience, Inc. (NASDAQ:SKYE) Insider Sells $97,250.11 in Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) insider Tuan Tu Diep sold 19,489 shares of the firm’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 transaction of $97,250.11. Following the sale, the insider now owns 82,259 shares of the company’s stock, valued at approximately $410,472.41. This represents a 19.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

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 stock was sold at an average price of $5.55, for a total value of $471.75.

Skye Bioscience Trading Down 2.6 %

Shares of SKYE stock opened at $4.17 on Friday. Skye Bioscience, Inc. has a 12 month low of $1.44 and a 12 month high of $19.41. The stock has a 50 day moving average of $5.08 and a 200-day moving average of $5.00.

Analysts Set New Price Targets

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

Institutional Trading of Skye Bioscience

Hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp bought a new stake in shares of Skye Bioscience in the second quarter valued at about $471,000. Rhumbline Advisers acquired a new position in Skye Bioscience in the 2nd quarter valued at approximately $158,000. AdvisorShares Investments LLC bought a new stake in shares of Skye Bioscience in the 2nd quarter worth approximately $210,000. Logos Global Management LP acquired a new stake in shares of Skye Bioscience during the 2nd quarter worth approximately $10,425,000. Finally, Point72 DIFC Ltd bought a new stake in shares of Skye Bioscience during the second quarter valued at approximately $48,000. 21.09% of the stock is owned by institutional investors.

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.