Skye Bioscience (NASDAQ:SKYE) Trading 6% Higher – Time to Buy?

Skye Bioscience, Inc. (NASDAQ:SKYE) shares rose 6% during mid-day trading on Wednesday . The company traded as high as $0.7722 and last traded at $0.7690. Approximately 89,709 shares traded hands during trading, a decline of 56% from the average daily volume of 204,498 shares. The stock had previously closed at $0.7252.

Skye Bioscience Trading Up 16.0%

The business’s 50-day moving average price is $0.76 and its 200-day moving average price is $0.93.

Skye Bioscience (NASDAQ:SKYE) last announced its earnings results on Monday, May 11th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.03). As a group, research analysts predict that Skye Bioscience, Inc. will post -1.08 EPS for the current year.

Hedge Funds Weigh In On Skye Bioscience

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position 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 worth $3,469,000 after acquiring an additional 44,824 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Skye Bioscience during the second quarter worth approximately $436,000. Two Sigma Investments LP grew its position in shares of Skye Bioscience by 46.2% during 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 last quarter. XTX Topco Ltd acquired a new stake in shares of Skye Bioscience during the fourth quarter worth $40,000. Finally, Qube Research & Technologies Ltd acquired a new stake in shares of Skye Bioscience during the second quarter worth $218,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

Skye Bioscience Company Profile

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.