Kaitlyn Arsenault Sells 43,206 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) CFO Kaitlyn Arsenault sold 43,206 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 $215,597.94. Following the completion of the transaction, the chief financial officer now owns 166,342 shares in the company, valued at $830,046.58. This represents a 20.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Kaitlyn Arsenault also recently made the following trade(s):

• On Friday, November 15th, Kaitlyn Arsenault sold 190 shares of Skye Bioscience stock. The stock was sold at an average price of $5.55, for a total value of $1,054.50.

Skye Bioscience Price Performance

SKYE stock traded down $0.22 during trading hours on Tuesday, reaching $4.34. 97,100 shares of the stock were exchanged, compared to its average volume of 179,792. The firm’s 50-day moving average is $5.08 and its 200-day moving average is $5.00. Skye Bioscience, Inc. has a 12 month low of $1.44 and a 12 month high of $19.41.

Analysts Set New Price Targets

Several research firms recently weighed in on SKYE. Piper Sandler reissued an “overweight” rating and set a $20.00 price objective on shares of Skye Bioscience in a research note on Friday, September 20th. 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. Scotiabank initiated coverage on Skye Bioscience in a research note on Monday, September 30th. They set a “sector outperform” rating and a $20.00 price objective on the stock. Finally, JMP Securities initiated coverage on Skye Bioscience in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 target price for the company. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $18.67.

Institutional Inflows and Outflows

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

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.