5Am Partners Vii, Llc Sells 300,000 Shares of Skye Bioscience (NASDAQ:SKYE) Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) major shareholder 5Am Partners Vii, Llc sold 300,000 shares of Skye Bioscience stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $0.38, for a total transaction of $114,000.00. Following the sale, the insider directly owned 55,663 shares of the company’s stock, valued at $21,151.94. This trade represents a 84.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

5Am Partners Vii, Llc also recently made the following trade(s):

• On Thursday, August 20th, 5Am Partners Vii, Llc sold 7,700 shares of Skye Bioscience stock. The stock was sold at an average price of $0.32, for a total transaction of $2,464.00.
• On Wednesday, August 19th, 5Am Partners Vii, Llc sold 68,140 shares of Skye Bioscience stock. The stock was sold at an average price of $0.35, for a total value of $23,849.00.

Skye Bioscience Price Performance

SKYE traded down $0.03 during trading on Thursday, reaching $0.28. 1,586,567 shares of the stock traded hands, compared to its average volume of 461,376. The stock’s 50-day simple moving average is $0.63 and its two-hundred day simple moving average is $0.72. Skye Bioscience, Inc. has a fifty-two week low of $0.28 and a fifty-two week high of $4.99. The stock has a market cap of $9.93 million, a price-to-earnings ratio of -0.22 and a beta of 2.97.

Skye Bioscience shares are scheduled to reverse split on the morning of Monday, August 24th. The 1-8 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Sunday, August 23rd.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings results on Friday, August 14th. The company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.02. Research analysts anticipate that Skye Bioscience, Inc. will post -0.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Skye Bioscience

Institutional investors have recently bought and sold shares of the stock. XTX Topco Ltd bought a new stake in shares of Skye Bioscience during the 4th quarter worth about $40,000. Tower Research Capital LLC TRC raised its stake in shares of Skye Bioscience by 121.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock valued at $46,000 after acquiring an additional 5,989 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in shares of Skye Bioscience in the 3rd quarter valued at approximately $53,000. Qube Research & Technologies Ltd acquired a new stake in Skye Bioscience in the 2nd quarter worth approximately $218,000. Finally, Two Sigma Investments LP lifted its holdings in Skye Bioscience by 46.2% in the 3rd quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock worth $363,000 after purchasing an additional 29,163 shares during the last quarter. 21.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Skye Bioscience in a research note on Friday, July 10th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $8.00.

Skye Bioscience Company Profile

Skye Bioscience, Inc is a clinical-stage biotechnology company focused on the development of novel, selective cannabinoid type 1 (CB1) receptor modulators for the treatment of ocular diseases. Headquartered in Sunnyvale, California, Skye Bioscience leverages proprietary chemistry and formulation expertise to design and optimize compounds with high potency, tissue selectivity and favorable drug-like properties. The company’s lead product candidate is being evaluated for the treatment of glaucoma and other ophthalmic conditions characterized by elevated intraocular pressure.

Skye Bioscience’s pipeline centers on synthetic cannabinoids engineered to avoid central nervous system side effects commonly associated with traditional cannabinoid therapies.