Skye Bioscience, Inc. (NASDAQ:SKYE) Short Interest Update

Skye Bioscience, Inc. (NASDAQ:SKYE) was the recipient of a significant drop in short interest during the month of November. As of November 30th, there was short interest totalling 1,590,000 shares, a drop of 20.1% from the November 15th total of 1,990,000 shares. Based on an average daily trading volume, of 332,600 shares, the short-interest ratio is presently 4.8 days. Currently, 9.1% of the company’s shares are sold short.

Skye Bioscience Price Performance

SKYE traded up $0.03 during trading on Friday, reaching $3.38. 122,600 shares of the stock were exchanged, compared to its average volume of 179,371. Skye Bioscience has a twelve month low of $2.25 and a twelve month high of $19.41. The stock’s 50 day moving average price is $4.29 and its two-hundred day moving average price is $4.62.

Insiders Place Their Bets

In other Skye Bioscience news, Director Paul A. Grayson sold 86,244 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $430,357.56. Following the completion of the transaction, the director now directly owns 259,701 shares of the company’s stock, valued at approximately $1,295,907.99. The trade was a 24.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Punit Dhillon sold 82,546 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $411,904.54. Following the completion of the sale, the chief executive officer now owns 329,823 shares of the company’s stock, valued at $1,645,816.77. This trade represents a 20.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 232,431 shares of company stock worth $1,160,360. Insiders own 3.00% of the company’s stock.

Institutional Trading of Skye Bioscience

Institutional investors and hedge funds have recently bought and sold shares of the business. Cubist Systematic Strategies LLC bought a new position in shares of Skye Bioscience during the 2nd quarter worth approximately $30,000. Point72 DIFC Ltd bought a new position in Skye Bioscience during the second quarter worth $48,000. Jane Street Group LLC acquired a new position in shares of Skye Bioscience in the third quarter valued at $48,000. Rhumbline Advisers acquired a new position in shares of Skye Bioscience in the second quarter valued at $158,000. Finally, AdvisorShares Investments LLC bought a new position in shares of Skye Bioscience in the second quarter valued at about $210,000. Institutional investors own 21.09% of the company’s stock.

Wall Street Analyst Weigh In

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

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.