Skye Bioscience (NASDAQ:SKYE) Trading Down 1.5% - Should You Sell?

Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report)'s share price was down 1.5% on Wednesday . The stock traded as low as $5.16 and last traded at $5.31. Approximately 117,075 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 201,564 shares. The stock had previously closed at $5.39.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SKYE shares. Cantor Fitzgerald reissued an "overweight" rating and issued a $14.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. JMP Securities initiated coverage on shares of Skye Bioscience in a research note on Tuesday, September 10th. They set an "outperform" rating and a $15.00 price objective for the company. Piper Sandler reissued an "overweight" rating and issued a $20.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. Finally, Scotiabank initiated coverage on shares of Skye Bioscience in a research note on Monday, September 30th. They issued a "sector outperform" rating and a $20.00 price target for the company. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Skye Bioscience presently has an average rating of "Buy" and a consensus target price of $18.67.

Skye Bioscience Trading Up 3.8 %

The stock's fifty day moving average price is $5.03 and its 200 day moving average price is $5.02.

Insider Activity

In other news, Director Andrew J. Schwab sold 13,837 shares of the firm's stock in a transaction on Friday, September 13th. The shares were 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 in the company, valued at $401,638.62. This trade represents a 17.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.00% of the company's stock.

Hedge Funds Weigh In On Skye Bioscience

Institutional investors and hedge funds have recently made changes to their positions in the business. Cubist Systematic Strategies LLC bought a new stake in Skye Bioscience during the 2nd quarter valued at about $30,000. Point72 DIFC Ltd bought a new stake in Skye Bioscience during the 2nd quarter valued at about $48,000. Rhumbline Advisers bought a new stake in shares of Skye Bioscience in the 2nd quarter valued at about $158,000. AdvisorShares Investments LLC bought a new stake in shares of Skye Bioscience in the 2nd quarter valued at about $210,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Skye Bioscience in the 2nd quarter valued at about $222,000. 21.09% of the stock is owned by hedge funds and other institutional investors.

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.