Skye Bioscience, Inc. (NASDAQ:SKYE) CEO Punit Dhillon Sells 82,546 Shares

Skye Bioscience, Inc. (NASDAQ:SKYE) CEO Punit Dhillon sold 82,546 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $411,904.54. Following the completion of the transaction, the chief executive officer now directly owns 329,823 shares in the company, valued at approximately $1,645,816.77. This represents a 20.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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 value of $2,020.20.

Skye Bioscience Stock Performance

SKYE stock traded down $0.22 during midday trading on Tuesday, hitting $4.34. The company had a trading volume of 97,100 shares, compared to its average volume of 179,792. Skye Bioscience, Inc. has a 52 week low of $1.44 and a 52 week high of $19.41. The stock’s 50 day moving average price is $5.08 and its 200 day moving average price is $5.00.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Skye Bioscience

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC purchased a new position in shares of Skye Bioscience in the second quarter valued at about $30,000. Point72 DIFC Ltd bought a new stake in shares of Skye Bioscience in the second quarter worth about $48,000. Jane Street Group LLC purchased a new position in Skye Bioscience during the 3rd quarter valued at about $48,000. Rhumbline Advisers bought a new position in Skye Bioscience during the 2nd quarter valued at approximately $158,000. Finally, BNP Paribas Financial Markets lifted its holdings in Skye Bioscience by 71.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock worth $185,000 after buying an additional 19,704 shares during the period. 21.09% of the stock is currently owned by institutional investors.

About Skye Bioscience

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.