Skye Bioscience (NASDAQ:SKYE) Director Andrew Schwab Sells 119,379 Shares of Company Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew Schwab sold 119,379 shares of the firm’s stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $1.61, for a total value of $192,200.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Skye Bioscience Stock Performance

NASDAQ:SKYE opened at $1.70 on Friday. Skye Bioscience, Inc. has a 1 year low of $1.50 and a 1 year high of $39.92. The stock has a market cap of $7.53 million, a P/E ratio of -0.17 and a beta of 2.90. The stock has a 50-day simple moving average of $3.13 and a 200-day simple moving average of $4.97.

Skye Bioscience (NASDAQ:SKYE) last issued its earnings results on Friday, August 14th. The company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.02. On average, equities research analysts predict that Skye Bioscience, Inc. will post -5.04 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Skye Bioscience Company Profile

Skye Bioscience, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that modulate the endocannabinoid system, a network involved in metabolism, inflammation and other physiological processes. The company’s research is centered on therapies designed to influence cannabinoid receptors outside the central nervous system, with the goal of addressing disease while avoiding certain side effects associated with earlier centrally acting cannabinoid drugs.

Skye’s lead investigational product is nimacimab, a monoclonal antibody that targets the cannabinoid receptor 1 (CB1).