Skye Bioscience (NASDAQ:SKYE) Trading Down 2.5% - Should You Sell?

Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) shares dropped 2.5% during mid-day trading on Wednesday . The stock traded as low as $2.56 and last traded at $2.73. Approximately 80,292 shares traded hands during trading, a decline of 57% from the average daily volume of 188,054 shares. The stock had previously closed at $2.80.

Wall Street Analyst Weigh In

SKYE has been the subject of several recent research reports. Scotiabank started coverage on Skye Bioscience in a research report on Monday, September 30th. They issued a "sector outperform" rating and a $20.00 price objective for the company. Piper Sandler reiterated an "overweight" rating and set a $20.00 price target on shares of Skye Bioscience in a report on Friday, September 20th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $14.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $18.67.

Skye Bioscience Stock Performance

The business has a fifty day moving average of $2.86 and a 200 day moving average of $3.99.

Insider Transactions at Skye Bioscience

In other Skye Bioscience news, CFO Kaitlyn Arsenault sold 43,206 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 $215,597.94. Following the completion of the transaction, the chief financial officer now owns 166,342 shares in the company, valued at approximately $830,046.58. This represents a 20.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Tuan Tu Diep sold 19,489 shares of the firm's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $97,250.11. Following the transaction, the insider now directly owns 82,259 shares of the company's stock, valued at $410,472.41. This represents a 19.15 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 232,431 shares of company stock valued at $1,160,360. Company insiders own 3.00% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Logos Global Management LP bought a new stake in Skye Bioscience during the second quarter worth about $10,425,000. Baker BROS. Advisors LP boosted its position 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 worth $5,609,000 after purchasing an additional 934,634 shares in the last quarter. CVI Holdings LLC purchased a new stake in shares of Skye Bioscience in the 2nd quarter worth approximately $5,445,000. Driehaus Capital Management LLC bought a new position in Skye Bioscience during the 2nd quarter valued at approximately $5,213,000. Finally, Point72 Asset Management L.P. purchased a new position in Skye Bioscience during the second quarter valued at $4,486,000. 21.09% of the stock is currently owned by institutional investors.

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.