Skye Bioscience, Inc. (NASDAQ:SKYE) Sees Significant Drop in Short Interest

Skye Bioscience, Inc. (NASDAQ:SKYE) saw a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 1,590,000 shares, a drop of 20.1% from the November 15th total of 1,990,000 shares. Based on an average daily volume of 332,600 shares, the days-to-cover ratio is presently 4.8 days. Currently, 9.1% of the shares of the company are sold short.

Insider Buying and Selling

In other Skye Bioscience news, CEO Punit Dhillon sold 82,546 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $411,904.54. Following the completion of the transaction, the chief executive officer now directly owns 329,823 shares in the company, valued at $1,645,816.77. This represents a 20.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul A. Grayson sold 86,244 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $430,357.56. Following the sale, the director now owns 259,701 shares in the company, valued at $1,295,907.99. The trade was a 24.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 232,431 shares of company stock valued at $1,160,360. 3.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Skye Bioscience

Several large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp purchased a new position in shares of Skye Bioscience in the 2nd quarter worth $471,000. Rhumbline Advisers bought a new position in shares of Skye Bioscience in the 2nd quarter valued at about $158,000. AdvisorShares Investments LLC purchased a new position in Skye Bioscience in the second quarter worth about $210,000. Logos Global Management LP bought a new stake in Skye Bioscience during the second quarter worth approximately $10,425,000. Finally, Point72 DIFC Ltd purchased a new stake in Skye Bioscience during the second quarter valued at approximately $48,000. Institutional investors own 21.09% of the company’s stock.

Analysts Set New Price Targets

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

Skye Bioscience Stock Down 3.0 %

Shares of SKYE traded down $0.10 during mid-day trading on Monday, hitting $3.28. 165,300 shares of the stock were exchanged, compared to its average volume of 179,312. Skye Bioscience has a 52-week low of $2.25 and a 52-week high of $19.41. The firm has a 50-day moving average of $4.21 and a two-hundred day moving average of $4.56.

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.