Skye Bioscience (NASDAQ:SKYE) Stock Price Up 5.3% - Here's Why

Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report)'s share price rose 5.3% during mid-day trading on Wednesday . The company traded as high as $5.20 and last traded at $5.20. Approximately 168,072 shares changed hands during trading, a decline of 72% from the average daily volume of 597,993 shares. The stock had previously closed at $4.94.

Analyst Upgrades and Downgrades

SKYE has been the subject of a number of recent research reports. Scotiabank initiated coverage on Skye Bioscience in a research note on Monday, September 30th. They set a "sector outperform" rating and a $20.00 price target for the company. JMP Securities initiated coverage on Skye Bioscience in a research note on Tuesday, September 10th. They set an "outperform" rating and a $15.00 price target for the company. Piper Sandler restated an "overweight" rating and set a $20.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. Craig Hallum began coverage on Skye Bioscience in a research note on Tuesday, July 9th. They set a "buy" rating and a $18.00 price target for the company. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $14.00 price objective on shares of Skye Bioscience in a research note on Friday, September 20th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $18.67.

Skye Bioscience Stock Performance

The stock has a 50 day moving average of $4.04 and a 200-day moving average of $5.11.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last announced its quarterly earnings data on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.20). On average, research analysts predict that Skye Bioscience, Inc. will post -1.06 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Andrew J. Schwab sold 13,837 shares of the business's stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $6.06, for a total value of $83,852.22. Following the transaction, the director now directly owns 66,277 shares of the company's stock, valued at approximately $401,638.62. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Andrew J. Schwab sold 13,837 shares of the company's stock in a transaction that occurred on 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 of the company's stock, valued at $401,638.62. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total value of $1,666,500.00. Following the sale, the director now owns 66,356 shares in the company, valued at $437,949.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.73% of the stock is owned by insiders.

Hedge Funds Weigh In On Skye Bioscience

Several hedge funds have recently bought and sold shares of the business. 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 shares of Skye Bioscience during the 2nd quarter worth $48,000. Rhumbline Advisers bought a new position in shares of Skye Bioscience during the 2nd quarter worth $158,000. AdvisorShares Investments LLC bought a new position in shares of Skye Bioscience during the 2nd quarter worth $210,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Skye Bioscience during the 2nd quarter worth $222,000. Institutional investors own 21.09% of the company's stock.

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.