5Am Partners Vii, Llc Sells 68,140 Shares of Skye Bioscience (NASDAQ:SKYE) Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) major shareholder 5Am Partners Vii, Llc sold 68,140 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $0.35, for a total transaction of $23,849.00. Following the sale, the insider owned 55,254 shares of the company’s stock, valued at approximately $19,338.90. This represents a 55.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

5Am Partners Vii, Llc also recently made the following trade(s):

• On Thursday, August 20th, 5Am Partners Vii, Llc sold 7,700 shares of Skye Bioscience stock. The stock was sold at an average price of $0.32, for a total transaction of $2,464.00.
• On Tuesday, August 18th, 5Am Partners Vii, Llc sold 300,000 shares of Skye Bioscience stock. The stock was sold at an average price of $0.38, for a total transaction of $114,000.00.

Skye Bioscience Stock Down 8.3%

Shares of NASDAQ SKYE traded down $0.03 during midday trading on Thursday, hitting $0.28. The stock had a trading volume of 1,586,567 shares, compared to its average volume of 461,376. The business’s 50 day moving average is $0.63 and its 200-day moving average is $0.72. Skye Bioscience, Inc. has a 52 week low of $0.28 and a 52 week high of $4.99. The company has a market cap of $9.93 million, a P/E ratio of -0.22 and a beta of 2.97.

Skye Bioscience shares are set to reverse split before the market opens on Monday, August 24th. The 1-8 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Sunday, August 23rd.

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. As a group, analysts expect that Skye Bioscience, Inc. will post -0.93 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Skye Bioscience in a report on Friday, July 10th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $8.00.

Hedge Funds Weigh In On Skye Bioscience

Several hedge funds and other institutional investors have recently bought and sold shares of SKYE. Tower Research Capital LLC TRC boosted its holdings in shares of Skye Bioscience by 121.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock valued at $46,000 after acquiring an additional 5,989 shares during the last quarter. Dimensional Fund Advisors LP bought a new stake in shares of Skye Bioscience in the third quarter worth approximately $53,000. Two Sigma Investments LP grew its stake in shares of Skye Bioscience by 46.2% in the third quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock worth $363,000 after acquiring an additional 29,163 shares during the period. Vanguard Group Inc. raised its holdings in shares of Skye Bioscience by 5.3% during the third quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock valued at $3,469,000 after purchasing an additional 44,824 shares during the last quarter. Finally, Qube Research & Technologies Ltd purchased a new position in shares of Skye Bioscience during the second quarter valued at approximately $218,000. Institutional investors own 21.09% of the company’s stock.

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.