Skye Bioscience, Inc. (NASDAQ:SKYE) Short Interest Up 17.4% in October

Skye Bioscience, Inc. (NASDAQ:SKYE) 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) 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

Several brokerages have issued reports on SKYE. Scotiabank started 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. 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. Craig Hallum assumed coverage on shares of Skye Bioscience in a report on Tuesday, July 9th. They set a “buy” rating and a $18.00 target price on the stock. JMP Securities initiated coverage on shares of Skye Bioscience in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price target for the company. Finally, Piper Sandler restated an “overweight” rating and set a $20.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Skye Bioscience has a consensus rating of “Buy” and a consensus price target of $18.67.

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.