Short Interest in Skye Bioscience, Inc. (NASDAQ:SKYE) Decreases By 89.3%

Skye Bioscience, Inc. (NASDAQ:SKYE) was the target of a significant decline in short interest in the month of August. As of August 31st, there was short interest totaling 128,781 shares, a decline of 89.3% from the August 15th total of 1,203,600 shares. Approximately 3.1% of the shares of the company are sold short. Based on an average daily volume of 217,817 shares, the short-interest ratio is presently 0.6 days.

Insider Activity at Skye Bioscience

In related news, major shareholder 5Am Partners Vii, Llc sold 37,500 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $3.04, for a total transaction of $114,000.00. Following the completion of the sale, the insider directly owned 6,957 shares of the company’s stock, valued at $21,149.28. This trade represents a 84.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew J. Schwab sold 37,500 shares of Skye Bioscience stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $3.04, for a total transaction of $114,000.00. Following the completion of the transaction, the director owned 6,957 shares in the company, valued at approximately $21,149.28. This trade represents a 84.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 93,958 shares of company stock valued at $280,621 in the last 90 days. Company insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Skye Bioscience

Large investors have recently made changes to their positions in the stock. Marshall Wace LLP purchased a new stake in Skye Bioscience during the second quarter worth about $436,000. XTX Topco Ltd purchased a new position in Skye Bioscience in the fourth quarter valued at about $40,000. Qube Research & Technologies Ltd purchased a new position in Skye Bioscience in the second quarter valued at about $218,000. Vanguard Group Inc. lifted its position in shares of Skye Bioscience by 5.3% during the 3rd quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock valued at $3,469,000 after acquiring an additional 44,824 shares during the period. Finally, Two Sigma Investments LP lifted its position in shares of Skye Bioscience by 46.2% during the 3rd quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock valued at $363,000 after acquiring an additional 29,163 shares during the period. Hedge funds and other institutional investors own 21.09% of the company’s stock.

Skye Bioscience Stock Down 6.7%

Shares of SKYE traded down $0.15 during mid-day trading on Thursday, hitting $2.08. The company’s stock had a trading volume of 47,736 shares, compared to its average volume of 197,250. The firm has a 50-day simple moving average of $3.84 and a 200 day simple moving average of $5.26. Skye Bioscience has a 1-year low of $1.64 and a 1-year high of $39.92.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings data on Friday, August 14th. The company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.02. On average, equities analysts anticipate that Skye Bioscience will post -7.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded shares of Skye Bioscience from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 27th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $64.00.

About Skye Bioscience

Skye Bioscience, Inc is a clinical-stage biotechnology company focused on the development of novel, selective cannabinoid type 1 (CB1) receptor modulators for the treatment of ocular diseases. Headquartered in Sunnyvale, California, Skye Bioscience leverages proprietary chemistry and formulation expertise to design and optimize compounds with high potency, tissue selectivity and favorable drug-like properties. The company’s lead product candidate is being evaluated for the treatment of glaucoma and other ophthalmic conditions characterized by elevated intraocular pressure.

Skye Bioscience’s pipeline centers on synthetic cannabinoids engineered to avoid central nervous system side effects commonly associated with traditional cannabinoid therapies.