Skye Bioscience (NASDAQ:SKYE) Shares Down 12.7% - Should You Sell?

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) were down 12.7% on Wednesday . The company traded as low as $3.82 and last traded at $3.85. Approximately 246,889 shares traded hands during trading, an increase of 68% from the average daily volume of 146,698 shares. The stock had previously closed at $4.41.

Analyst Upgrades and Downgrades

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

Skye Bioscience Stock Performance

The stock's 50-day moving average is $4.75 and its 200-day moving average is $4.83.

Insider Activity

In other news, CEO Punit Dhillon sold 82,546 shares of the business'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 transaction of $411,904.54. Following the sale, the chief executive officer now directly owns 329,823 shares in the company, valued at approximately $1,645,816.77. The trade was a 20.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Tuan Tu Diep sold 19,489 shares of the company'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 completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 498,768 shares of company stock valued at $2,910,713. Insiders own 3.00% of the company's stock.

Institutional Trading of Skye Bioscience

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SKYE. Bank of New York Mellon Corp acquired a new position in Skye Bioscience during the 2nd quarter worth about $471,000. Rhumbline Advisers acquired a new stake in Skye Bioscience in the second quarter worth about $158,000. AdvisorShares Investments LLC bought a new stake in Skye Bioscience during the 2nd quarter worth about $210,000. Logos Global Management LP acquired a new position in Skye Bioscience during the 2nd quarter valued at about $10,425,000. Finally, Point72 DIFC Ltd bought a new position in shares of Skye Bioscience in the 2nd quarter valued at about $48,000. 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.