Skye Bioscience, Inc. (NASDAQ:SKYE) Sees Significant Drop in Short Interest

Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) was the target of a significant decline in short interest in November. As of November 30th, there was short interest totalling 1,590,000 shares, a decline of 20.1% from the November 15th total of 1,990,000 shares. Currently, 9.1% of the shares of the stock are short sold. Based on an average daily volume of 332,600 shares, the short-interest ratio is currently 4.8 days.

Skye Bioscience Price Performance

NASDAQ:SKYE traded down $0.10 on Monday, reaching $3.28. The company's stock had a trading volume of 165,300 shares, compared to its average volume of 179,312. Skye Bioscience has a 12-month low of $2.25 and a 12-month high of $19.41. The stock has a 50 day moving average price of $4.21 and a 200 day moving average price of $4.56.

Insider Transactions at Skye Bioscience

In other Skye Bioscience news, insider Tuan Tu Diep sold 19,489 shares of Skye Bioscience stock in a transaction on Monday, November 18th. The shares were 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 $410,472.41. The trade was a 19.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul A. Grayson sold 86,244 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $430,357.56. Following the completion of the sale, the director now owns 259,701 shares of the company's stock, valued at $1,295,907.99. This trade represents a 24.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 232,431 shares of company stock valued at $1,160,360 over the last 90 days. Corporate 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 stock. Sphera Funds Management LTD. lifted 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 purchasing an additional 265,210 shares in the last quarter. Baker BROS. Advisors LP raised its holdings in shares of Skye Bioscience by 186.9% in the 3rd quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company's stock valued at $5,609,000 after buying an additional 934,634 shares during the period. Logos Global Management LP acquired a new position in Skye Bioscience during the 2nd quarter worth about $10,425,000. CVI Holdings LLC purchased a new position in Skye Bioscience during the 2nd quarter valued at about $5,445,000. Finally, Driehaus Capital Management LLC acquired a new position in Skye Bioscience in the 2nd quarter valued at about $5,213,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SKYE shares. Cantor Fitzgerald restated an "overweight" rating and issued a $14.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. JMP Securities started coverage on Skye Bioscience in a report on Tuesday, September 10th. They issued an "outperform" rating and a $15.00 target price for the company. Scotiabank initiated coverage on Skye Bioscience in a report on Monday, September 30th. They set a "sector outperform" rating and a $20.00 price target on the stock. Finally, Piper Sandler reissued an "overweight" rating and issued a $20.00 price objective on shares of Skye Bioscience in a report on Friday, September 20th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average 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.

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