Skye Bioscience (NASDAQ:SKYE) Shares Down 2% – Should You Sell?

Skye Bioscience, Inc. (NASDAQ:SKYE)’s share price traded down 2% during trading on Thursday . The company traded as low as $2.63 and last traded at $2.68. 61,166 shares were traded during mid-day trading, a decline of 72% from the average session volume of 219,787 shares. The stock had previously closed at $2.73.

Analysts Set New Price Targets

Separately, William Blair began coverage on Skye Bioscience in a research note on Friday. They issued an “outperform” rating on the stock. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $18.67.

Skye Bioscience Price Performance

The firm has a fifty day moving average of $3.02 and a 200-day moving average of $3.17.

Institutional Trading of Skye Bioscience

Several large investors have recently bought and sold shares of the company. Virtu Financial LLC acquired a new stake in Skye Bioscience during the 4th quarter valued at approximately $29,000. Wells Fargo & Company MN lifted its stake in Skye Bioscience by 49.0% during the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock worth $32,000 after purchasing an additional 3,684 shares during the last quarter. Two Sigma Advisers LP acquired a new position in shares of Skye Bioscience in the 4th quarter valued at about $32,000. Jane Street Group LLC acquired a new position in Skye Bioscience in the third quarter valued at approximately $48,000. Finally, Squarepoint Ops LLC bought a new position in shares of Skye Bioscience during the fourth quarter valued at approximately $38,000. Institutional investors and hedge funds 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.