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

Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) saw a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 1,420,000 shares, an increase of 17.4% from the September 30th total of 1,210,000 shares. Currently, 7.8% of the company's shares are sold short. Based on an average daily volume of 325,000 shares, the short-interest ratio is presently 4.4 days.

Insider Transactions at Skye Bioscience

In other news, Director Andrew J. Schwab sold 13,837 shares of the business's stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $6.06, for a total transaction of $83,852.22. Following the sale, the director now directly owns 66,277 shares in the company, valued at approximately $401,638.62. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Andrew J. Schwab sold 252,500 shares of the company's stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total value of $1,666,500.00. Following the sale, the director now directly owns 66,356 shares in the company, valued at $437,949.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Andrew J. Schwab sold 13,837 shares of the company's stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $6.06, for a total value of $83,852.22. Following the completion of the sale, the director now owns 66,277 shares in the company, valued at $401,638.62. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.00% of the company's stock.

Institutional Investors Weigh In On Skye Bioscience

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC bought a new position in Skye Bioscience in the 2nd quarter valued at $30,000. Point72 DIFC Ltd bought a new position in Skye Bioscience in the 2nd quarter valued at $48,000. Rhumbline Advisers bought a new position in Skye Bioscience in the 2nd quarter valued at $158,000. AdvisorShares Investments LLC bought a new position in Skye Bioscience in the 2nd quarter valued at $210,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Skye Bioscience in the 2nd quarter valued at $222,000. 21.09% of the stock is owned by hedge funds and other institutional investors.

Skye Bioscience Price Performance

Shares of NASDAQ:SKYE traded down $0.13 during trading on Wednesday, reaching $5.09. 171,400 shares of the stock were exchanged, compared to its average volume of 179,522. Skye Bioscience has a 1-year low of $1.44 and a 1-year high of $19.41. The stock has a fifty day moving average of $4.28 and a two-hundred day moving average of $5.05.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last released its quarterly earnings results on Friday, August 9th. The company reported ($0.20) EPS for the quarter, meeting analysts' consensus estimates of ($0.20). Sell-side analysts forecast that Skye Bioscience will post -1.06 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Craig Hallum assumed coverage on Skye Bioscience in a report on Tuesday, July 9th. They issued a "buy" rating and a $18.00 target price on the stock. Piper Sandler reissued an "overweight" rating and issued a $20.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. Cantor Fitzgerald reissued an "overweight" rating and issued a $14.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. Scotiabank began coverage on Skye Bioscience in a research note on Monday, September 30th. They issued a "sector outperform" rating and a $20.00 price target on the stock. Finally, 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 on the stock. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company 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.