Skye Bioscience, Inc. (NASDAQ:SKYE) Short Interest Up 26.8% in November

Skye Bioscience, Inc. (NASDAQ:SKYE) saw a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 1,990,000 shares, a growth of 26.8% from the October 31st total of 1,570,000 shares. Currently, 11.3% of the shares of the company are sold short. Based on an average daily volume of 314,400 shares, the days-to-cover ratio is currently 6.3 days.

Insider Buying and Selling

In other Skye Bioscience news, insider Tuan Tu Diep sold 19,489 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $97,250.11. Following the sale, the insider now directly owns 82,259 shares of the company’s stock, valued at $410,472.41. This represents a 19.15 % 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. Also, Director Paul A. Grayson sold 86,244 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $430,357.56. Following the transaction, the director now owns 259,701 shares of the company’s stock, valued at $1,295,907.99. This represents a 24.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 498,768 shares of company stock valued at $2,910,713. 3.00% of the stock is owned by company insiders.

Institutional Trading of Skye Bioscience

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

Skye Bioscience Price Performance

NASDAQ:SKYE traded up $0.23 during trading hours on Friday, hitting $4.49. 44,000 shares of the company’s stock traded hands, compared to its average volume of 177,405. Skye Bioscience has a 52 week low of $1.44 and a 52 week high of $19.41. The business’s fifty day simple moving average is $4.93 and its two-hundred day simple moving average is $4.94.

Analyst Upgrades and Downgrades

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

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.