Paul A. Grayson Sells 86,244 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Paul A. Grayson sold 86,244 shares of the firm’s stock in a transaction 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 owns 259,701 shares in the company, valued at $1,295,907.99. The trade was a 24.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Skye Bioscience Trading Down 1.4 %

Skye Bioscience stock opened at $4.28 on Thursday. The business’s 50-day simple moving average is $5.08 and its two-hundred day simple moving average is $5.00. Skye Bioscience, Inc. has a fifty-two week low of $1.44 and a fifty-two week high of $19.41.

Hedge Funds Weigh In On Skye Bioscience

Several institutional investors and hedge funds have recently modified their holdings of the stock. Perceptive Advisors LLC acquired a new stake in shares of Skye Bioscience during the 2nd quarter worth approximately $4,005,000. Point72 Asset Management L.P. acquired a new stake in Skye Bioscience during the second quarter valued at $4,486,000. CVI Holdings LLC purchased a new position in Skye Bioscience in the second quarter valued at $5,445,000. Logos Global Management LP acquired a new position in shares of Skye Bioscience in the second quarter worth about $10,425,000. Finally, Driehaus Capital Management LLC purchased a new stake in shares of Skye Bioscience during the 2nd quarter worth about $5,213,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

Wall Street Analyst Weigh In

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

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.