Skye Bioscience, Inc. (NASDAQ:SKYE) Short Interest Up 26.8% in November

Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) was the recipient of a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 1,990,000 shares, a growth of 26.8% from the October 31st total of 1,570,000 shares. Currently, 11.3% of the shares of the company are short sold. Based on an average daily trading volume, of 314,400 shares, the days-to-cover ratio is presently 6.3 days.

Skye Bioscience Price Performance

Shares of SKYE traded down $0.21 during mid-day trading on Monday, hitting $4.28. 93,865 shares of the stock were exchanged, compared to its average volume of 177,045. Skye Bioscience has a 52-week low of $1.73 and a 52-week high of $19.41. The stock has a 50-day simple moving average of $4.93.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Piper Sandler reiterated an "overweight" rating and set a $20.00 target price on shares of Skye Bioscience in a research report on Friday, September 20th. JMP Securities assumed coverage on shares of Skye Bioscience in a report on Tuesday, September 10th. They set an "outperform" rating and a $15.00 price objective for the company. Scotiabank initiated coverage on shares of Skye Bioscience in a report on Monday, September 30th. They issued a "sector outperform" rating and a $20.00 target price on the stock. Finally, Cantor Fitzgerald restated an "overweight" rating and set 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 MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $18.67.

Insider Transactions at Skye Bioscience

In related news, Director Andrew J. Schwab sold 252,500 shares of the company's 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 completion of the transaction, the director now owns 66,356 shares of the company's stock, valued at approximately $437,949.60. This represents a 79.19 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Tuan Tu Diep sold 19,489 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $97,250.11. Following the completion of the sale, the insider now owns 82,259 shares of the company's stock, valued at $410,472.41. The trade was a 19.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 498,768 shares of company stock valued at $2,910,713 over the last quarter. 3.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Skye Bioscience

A number of hedge funds have recently bought and sold shares of the business. Cubist Systematic Strategies LLC purchased a new stake in shares of Skye Bioscience in the second quarter valued at $30,000. Point72 DIFC Ltd bought a new stake in shares of Skye Bioscience during the 2nd quarter worth approximately $48,000. Jane Street Group LLC bought a new stake in shares of Skye Bioscience during the 3rd quarter worth approximately $48,000. Rhumbline Advisers purchased a new position in Skye Bioscience during the 2nd quarter valued at $158,000. Finally, BNP Paribas Financial Markets grew its position in Skye Bioscience by 71.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company's stock valued at $185,000 after acquiring an additional 19,704 shares during the last quarter. Hedge funds and other 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.