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

Skye Bioscience, Inc. (NASDAQ:SKYE) insider Tuan Tu Diep sold 19,489 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 $97,250.11. Following the sale, the insider now owns 82,259 shares of the company’s stock, valued at approximately $410,472.41. This represents a 19.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

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 transaction of $471.75.

Skye Bioscience Stock Down 1.6 %

SKYE stock traded down $0.07 during midday trading on Wednesday, reaching $4.27. The company had a trading volume of 15,091 shares, compared to its average volume of 179,034. The stock has a 50 day moving average price of $5.08 and a 200-day moving average price of $5.00. Skye Bioscience, Inc. has a 1-year low of $1.44 and a 1-year high of $19.41.

Institutional Trading of Skye Bioscience

Institutional investors and hedge funds have recently modified their holdings of the business. Sphera Funds Management LTD. raised its stake in Skye Bioscience by 20.4% during the third 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 in the last quarter. Baker BROS. Advisors LP grew its holdings in shares of Skye Bioscience by 186.9% during the 3rd quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock valued at $5,609,000 after purchasing an additional 934,634 shares during the last quarter. Logos Global Management LP bought a new stake in shares of Skye Bioscience during the 2nd quarter valued at approximately $10,425,000. CVI Holdings LLC acquired a new position in Skye Bioscience during the 2nd quarter worth approximately $5,445,000. Finally, Driehaus Capital Management LLC bought a new position in Skye Bioscience in the 2nd quarter valued at approximately $5,213,000. 21.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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