Skye Bioscience (NASDAQ:SKYE) Major Shareholder 5Am Partners Vii, Llc Sells 28,700 Shares of Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) major shareholder 5Am Partners Vii, Llc sold 28,700 shares of the firm’s stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $1.65, for a total value of $47,355.00. Following the completion of the sale, the insider directly owned 4,528 shares in the company, valued at approximately $7,471.20. The trade was a 86.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Wednesday, September 23rd, 5Am Partners Vii, Llc sold 119,379 shares of Skye Bioscience stock. The shares were sold at an average price of $1.61, for a total transaction of $192,200.19.
• On Wednesday, September 16th, 5Am Partners Vii, Llc sold 33,892 shares of Skye Bioscience stock. The stock was sold at an average price of $1.91, for a total transaction of $64,733.72.
• On Thursday, August 20th, 5Am Partners Vii, Llc sold 962 shares of Skye Bioscience stock. The shares were sold at an average price of $2.56, for a total transaction of $2,462.72.
• On Wednesday, August 19th, 5Am Partners Vii, Llc sold 8,517 shares of Skye Bioscience stock. The stock was sold at an average price of $2.80, for a total value of $23,847.60.
• On Tuesday, August 18th, 5Am Partners Vii, Llc sold 37,500 shares of Skye Bioscience stock. The shares were sold at an average price of $3.04, for a total value of $114,000.00.

Skye Bioscience Price Performance

Shares of NASDAQ:SKYE opened at $1.70 on Friday. The business has a 50-day moving average of $3.13 and a two-hundred day moving average of $4.97. The firm has a market capitalization of $7.53 million, a PE ratio of -0.17 and a beta of 2.90. Skye Bioscience, Inc. has a 12 month low of $1.50 and a 12 month high of $39.92.

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

Analysts Set New Price Targets

Separately, Weiss Ratings lowered 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 given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $64.00.

About Skye Bioscience

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).