Insider Selling: Skye Bioscience, Inc. (NASDAQ:SKYE) Insider Sells 19,489 Shares of Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) insider Tuan Tu Diep sold 19,489 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $97,250.11. Following the completion of the sale, the insider now owns 82,259 shares in the company, valued at $410,472.41. The trade was a 19.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Tuan Tu Diep also recently made the following trade(s):

• On Friday, November 15th, Tuan Tu Diep sold 85 shares of Skye Bioscience stock. The shares were sold at an average price of $5.55, for a total value of $471.75.

Skye Bioscience Price Performance

Shares of NASDAQ SKYE opened at $4.17 on Friday. The business has a 50-day moving average price of $5.08 and a 200 day moving average price of $5.00. Skye Bioscience, Inc. has a 52-week low of $1.44 and a 52-week high of $19.41.

Analysts Set New Price Targets

SKYE has been the subject of a number of recent analyst reports. Scotiabank assumed coverage on Skye Bioscience in a report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 price target for the company. 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. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $14.00 price target on shares of Skye Bioscience in a report on Friday, September 20th. Finally, JMP Securities began coverage on shares of Skye Bioscience in a report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price objective on the stock. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $18.67.

Hedge Funds Weigh In On Skye Bioscience

A number of hedge funds have recently modified their holdings of SKYE. Sphera Funds Management LTD. boosted its stake in Skye Bioscience by 20.4% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock worth $6,113,000 after purchasing an additional 265,210 shares during the period. Baker BROS. Advisors LP grew its holdings in shares of Skye Bioscience by 186.9% during the third quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock worth $5,609,000 after buying an additional 934,634 shares during the last quarter. Logos Global Management LP acquired a new position in Skye Bioscience in the 2nd quarter valued at about $10,425,000. CVI Holdings LLC purchased a new stake in Skye Bioscience during the 2nd quarter valued at approximately $5,445,000. Finally, Driehaus Capital Management LLC purchased a new position in shares of Skye Bioscience in the 2nd quarter valued at approximately $5,213,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

Skye Bioscience Company Profile

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.