Insider Selling: Skye Bioscience, Inc. (NASDAQ:SKYE) CEO Sells 82,546 Shares of Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) CEO Punit Dhillon sold 82,546 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $411,904.54. Following the completion of the sale, the chief executive officer now directly owns 329,823 shares of the company’s stock, valued at approximately $1,645,816.77. This represents a 20.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Punit Dhillon also recently made the following trade(s):

• On Friday, November 15th, Punit Dhillon sold 364 shares of Skye Bioscience stock. The stock was sold at an average price of $5.55, for a total transaction of $2,020.20.

Skye Bioscience Stock Down 4.8 %

SKYE stock traded down $0.22 on Tuesday, reaching $4.34. 97,100 shares of the company traded hands, compared to its average volume of 179,792. The firm has a fifty day simple moving average of $5.08 and a 200-day simple moving average of $5.00. Skye Bioscience, Inc. has a one year low of $1.44 and a one year high of $19.41.

Hedge Funds Weigh In On Skye Bioscience

Large investors have recently modified their holdings of the stock. Barclays PLC increased its stake in Skye Bioscience by 36.7% during the 3rd quarter. Barclays PLC now owns 57,889 shares of the company’s stock valued at $226,000 after purchasing an additional 15,551 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Skye Bioscience by 4.2% during the third quarter. Geode Capital Management LLC now owns 385,793 shares of the company’s stock valued at $1,509,000 after buying an additional 15,614 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Skye Bioscience during the third quarter valued at approximately $48,000. Sphera Funds Management LTD. raised its holdings in Skye Bioscience by 20.4% in the 3rd quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock worth $6,113,000 after acquiring an additional 265,210 shares during the last quarter. Finally, State Street Corp lifted its position in Skye Bioscience by 7.0% in the 3rd quarter. State Street Corp now owns 354,205 shares of the company’s stock valued at $1,385,000 after acquiring an additional 23,201 shares in the last quarter. Hedge funds and other institutional investors own 21.09% of the company’s stock.

Analyst Ratings Changes

SKYE has been the topic of a number of research analyst reports. Scotiabank began coverage on Skye Bioscience in a report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 target price on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. JMP Securities began coverage on Skye Bioscience in a report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price objective for the company. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $14.00 target price on shares of Skye Bioscience in a report on Friday, September 20th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $18.67.

Skye Bioscience Company Profile

Skye Bioscience, Inc, a clinical stage pharmaceutical company, discovers, develops, and commercializes cannabinoid-based molecules for the treatment of infectious diseases. The company's lead product candidate is SBI-100 used in the treatment of glaucoma and ocular hypertension. It is also developing SBI-200 to treat and manage various eye diseases, including uveitis, dry eye syndrome, macular degeneration and diabetic retinopathy.