Skye Bioscience (NASDAQ:SKYE) Trading Down 3% - Time to Sell?

Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report)'s stock price fell 3% on Wednesday . The stock traded as low as $2.48 and last traded at $2.55. 123,290 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 188,054 shares. The stock had previously closed at $2.63.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SKYE. Piper Sandler reissued an "overweight" rating and set a $20.00 target price 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 target price for the company. JMP Securities assumed coverage on Skye Bioscience in a research note on Tuesday, September 10th. They set an "outperform" rating and a $15.00 price target on the stock. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued 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 data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $18.67.

Skye Bioscience Stock Performance

The business has a 50 day simple moving average of $3.56 and a 200-day simple moving average of $4.22.

Insider Activity at Skye Bioscience

In other Skye Bioscience news, CEO Punit Dhillon sold 82,546 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 $411,904.54. Following the transaction, the chief executive officer now directly owns 329,823 shares of the company's stock, valued at $1,645,816.77. The trade was a 20.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kaitlyn Arsenault sold 43,206 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 $215,597.94. Following the completion of the sale, the chief financial officer now owns 166,342 shares of the company's stock, valued at approximately $830,046.58. This represents a 20.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 232,431 shares of company stock valued at $1,160,360 over the last 90 days. Insiders own 3.00% of the company's stock.

Hedge Funds Weigh In On Skye Bioscience

Hedge funds and other institutional investors have recently modified their holdings of the business. Barclays PLC lifted its holdings in Skye Bioscience by 36.7% during the third quarter. Barclays PLC now owns 57,889 shares of the company's stock worth $226,000 after acquiring an additional 15,551 shares during the period. Geode Capital Management LLC raised its stake in shares of Skye Bioscience by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 385,793 shares of the company's stock worth $1,509,000 after purchasing an additional 15,614 shares during the period. Jane Street Group LLC purchased a new position in shares of Skye Bioscience in the 3rd quarter worth about $48,000. Sphera Funds Management LTD. grew its position 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 valued at $6,113,000 after buying an additional 265,210 shares during the period. Finally, State Street Corp increased its holdings in Skye Bioscience by 7.0% during the third quarter. State Street Corp now owns 354,205 shares of the company's stock worth $1,385,000 after buying an additional 23,201 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.