Skye Bioscience (NASDAQ:SKYE) Stock Price Up 8.5% - Here's What Happened

Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) shares traded up 8.5% on Thursday . The stock traded as high as $2.85 and last traded at $2.96. 61,166 shares were traded during trading, a decline of 61% from the average session volume of 158,370 shares. The stock had previously closed at $2.73.

Skye Bioscience Price Performance

The stock's 50 day simple moving average is $2.92 and its 200-day simple moving average is $3.56.

Insider Activity at Skye Bioscience

In related news, Director Paul A. Grayson sold 86,244 shares of the firm's stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $430,357.56. Following the transaction, the director now directly owns 259,701 shares of the company's stock, valued at approximately $1,295,907.99. This trade represents a 24.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kaitlyn Arsenault sold 43,206 shares of the company's stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 166,342 shares of the company's stock, valued at $830,046.58. The trade was a 20.62 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 232,431 shares of company stock valued at $1,160,360. Insiders own 3.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SKYE. Cubist Systematic Strategies LLC acquired a new position in Skye Bioscience during the 2nd quarter valued at $30,000. Jane Street Group LLC bought a new position in shares of Skye Bioscience during the 3rd quarter worth about $48,000. Charles Schwab Investment Management Inc. raised its position in shares of Skye Bioscience by 20.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company's stock valued at $176,000 after buying an additional 10,707 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Skye Bioscience by 71.1% in the third quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company's stock valued at $185,000 after buying an additional 19,704 shares during the period. Finally, Barclays PLC grew its position 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 buying an additional 15,551 shares in the last quarter. 21.09% of the stock is currently owned by institutional investors and hedge funds.

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.