Tuan Tu Diep Sells 19,489 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) insider Tuan Tu Diep sold 19,489 shares of Skye Bioscience stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $97,250.11. Following the sale, the insider now directly owns 82,259 shares in the company, valued at $410,472.41. The trade was a 19.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Tuan Tu Diep also recently made the following trade(s):

• On Friday, November 15th, Tuan Tu Diep sold 85 shares of Skye Bioscience stock. The shares were sold at an average price of $5.55, for a total value of $471.75.

Skye Bioscience Trading Down 1.6 %

SKYE stock traded down $0.07 during mid-day trading on Wednesday, reaching $4.27. The company’s stock had a trading volume of 15,091 shares, compared to its average volume of 179,034. Skye Bioscience, Inc. has a 12 month low of $1.44 and a 12 month high of $19.41. The business’s 50 day moving average price is $5.08 and its 200 day moving average price is $5.00.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp bought a new stake in Skye Bioscience in the second quarter valued at $471,000. Rhumbline Advisers bought a new stake in shares of Skye Bioscience during the second quarter valued at approximately $158,000. AdvisorShares Investments LLC acquired a new position in shares of Skye Bioscience during the second quarter worth approximately $210,000. Logos Global Management LP acquired a new stake in Skye Bioscience in the 2nd quarter valued at $10,425,000. Finally, Point72 DIFC Ltd bought a new stake in Skye Bioscience during the 2nd quarter valued at $48,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on SKYE shares. Piper Sandler restated an “overweight” rating and issued a $20.00 price target on shares of Skye Bioscience in a research report 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. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 target price on shares of Skye Bioscience in a research report on Friday, September 20th. Finally, Scotiabank initiated coverage on Skye Bioscience in a research report on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 price target on the stock. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average 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.