Skye Bioscience (NASDAQ:SKYE) Major Shareholder 5Am Partners Vii, Llc Sells 68,140 Shares of Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) major shareholder 5Am Partners Vii, Llc sold 68,140 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $0.35, for a total transaction of $23,849.00. Following the completion of the sale, the insider directly owned 55,254 shares of the company’s stock, valued at approximately $19,338.90. This represents a 55.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions 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 shares were sold at an average price of $0.32, for a total transaction of $2,464.00.
• On Tuesday, August 18th, 5Am Partners Vii, Llc sold 300,000 shares of Skye Bioscience stock. The stock was sold at an average price of $0.38, for a total value of $114,000.00.

Skye Bioscience Stock Performance

SKYE opened at $0.28 on Friday. The company has a market capitalization of $9.93 million, a PE ratio of -0.22 and a beta of 2.97. The stock’s fifty day moving average is $0.62 and its 200-day moving average is $0.72. Skye Bioscience, Inc. has a one year low of $0.28 and a one year high of $4.99.

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

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings results on Friday, August 14th. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. On average, equities research analysts forecast that Skye Bioscience, Inc. will post -0.93 EPS for the current fiscal year.

Institutional Investors Weigh In On Skye Bioscience

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of Skye Bioscience by 5.3% during the third quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock worth $3,469,000 after purchasing an additional 44,824 shares during the period. Marshall Wace LLP purchased a new position in shares of Skye Bioscience during the 2nd quarter valued at $436,000. Two Sigma Investments LP increased its stake in shares of Skye Bioscience by 46.2% in the third quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock worth $363,000 after acquiring an additional 29,163 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Skye Bioscience during the fourth quarter worth $40,000. Finally, Qube Research & Technologies Ltd purchased a new position in Skye Bioscience in the second quarter valued at about $218,000. 21.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

About Skye Bioscience

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.