Skye Bioscience, Inc. (NASDAQ:SKYE – Get Free Report) was the target of a significant growth in short interest in October. As of October 15th, there was short interest totalling 1,420,000 shares, a growth of 17.4% from the September 30th total of 1,210,000 shares. Based on an average daily volume of 325,000 shares, the days-to-cover ratio is currently 4.4 days. Currently, 7.8% of the shares of the stock are sold short.
Skye Bioscience Stock Down 4.2 %
Shares of NASDAQ SKYE traded down $0.22 during mid-day trading on Wednesday, hitting $5.00. The stock had a trading volume of 21,010 shares, compared to its average volume of 178,790. The business has a 50 day moving average price of $4.23 and a two-hundred day moving average price of $5.07. Skye Bioscience has a 1 year low of $1.44 and a 1 year high of $19.41.
Skye Bioscience (NASDAQ:SKYE – Get Free Report) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.20). On average, equities research analysts expect that Skye Bioscience will post -1.06 earnings per share for the current year.
Wall Street Analysts Forecast Growth
Get Our Latest Stock Analysis on SKYE
Insider Activity at Skye Bioscience
In other Skye Bioscience news, Director Andrew J. Schwab sold 252,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total value of $1,666,500.00. Following the completion of the transaction, the director now owns 66,356 shares of the company’s stock, valued at $437,949.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Andrew J. Schwab sold 13,837 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $6.06, for a total value of $83,852.22. Following the completion of the transaction, the director now directly owns 66,277 shares in the company, valued at approximately $401,638.62. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total value of $1,666,500.00. Following the transaction, the director now owns 66,356 shares in the company, valued at $437,949.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.00% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of the business. Cubist Systematic Strategies LLC bought a new stake in shares of Skye Bioscience in the 2nd quarter worth approximately $30,000. Point72 DIFC Ltd purchased a new stake in Skye Bioscience in the second quarter worth $48,000. Rhumbline Advisers bought a new stake in Skye Bioscience in the second quarter valued at $158,000. AdvisorShares Investments LLC bought a new stake in Skye Bioscience in the second quarter valued at $210,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Skye Bioscience during the 2nd quarter valued at $222,000. 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.
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