Skye Bioscience, Inc. (NASDAQ:SKYE) CFO Kaitlyn Arsenault Sells 43,206 Shares

Skye Bioscience, Inc. (NASDAQ:SKYE) CFO Kaitlyn Arsenault sold 43,206 shares of the business’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 $215,597.94. Following the completion of the transaction, the chief financial officer now owns 166,342 shares in the company, valued at $830,046.58. The trade was a 20.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Kaitlyn Arsenault also recently made the following trade(s):

• On Friday, November 15th, Kaitlyn Arsenault sold 190 shares of Skye Bioscience stock. The stock was sold at an average price of $5.55, for a total value of $1,054.50.

Skye Bioscience Stock Down 4.8 %

Shares of SKYE stock traded down $0.22 on Tuesday, hitting $4.34. 97,100 shares of the stock were exchanged, compared to its average volume of 179,792. The firm’s 50 day moving average is $5.08 and its two-hundred day moving average is $5.00. Skye Bioscience, Inc. has a one year low of $1.44 and a one year high of $19.41.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Skye Bioscience

Several institutional investors have recently added to or reduced their stakes in the business. Sphera Funds Management LTD. increased its stake in shares of Skye Bioscience by 20.4% in the third quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock worth $6,113,000 after purchasing an additional 265,210 shares in the last quarter. Baker BROS. Advisors LP boosted its holdings in Skye Bioscience by 186.9% in the 3rd quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock worth $5,609,000 after buying an additional 934,634 shares during the period. Logos Global Management LP bought a new position in Skye Bioscience in the 2nd quarter worth approximately $10,425,000. CVI Holdings LLC purchased a new position in Skye Bioscience in the 2nd quarter valued at approximately $5,445,000. Finally, Driehaus Capital Management LLC bought a new stake in Skye Bioscience during the 2nd quarter valued at $5,213,000. 21.09% of the stock is owned by hedge funds and other 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.