Insider Selling: Skye Bioscience (NASDAQ:SKYE) Major Shareholder Sells 33,892 Shares

Skye Bioscience, Inc. (NASDAQ:SKYE) major shareholder 5Am Partners Vii, Llc sold 33,892 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $1.91, for a total transaction of $64,733.72. Following the completion of the transaction, the insider directly owned 5,616 shares of the company’s stock, valued at $10,726.56. This represents a 85.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Major shareholders that own 10% or more of a company’s stock 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 962 shares of Skye Bioscience stock. The shares were sold at an average price of $2.56, for a total value of $2,462.72.
• On Wednesday, August 19th, 5Am Partners Vii, Llc sold 8,517 shares of Skye Bioscience stock. The stock was sold at an average price of $2.80, for a total value of $23,847.60.
• On Tuesday, August 18th, 5Am Partners Vii, Llc sold 37,500 shares of Skye Bioscience stock. The stock was sold at an average price of $3.04, for a total value of $114,000.00.

Skye Bioscience Stock Performance

Shares of NASDAQ SKYE traded up $0.20 during mid-day trading on Friday, reaching $1.76. The company had a trading volume of 99,274 shares, compared to its average volume of 61,568. The company has a market capitalization of $7.82 million, a price-to-earnings ratio of -0.17 and a beta of 2.90. The stock has a fifty day moving average of $3.47 and a two-hundred day moving average of $5.12. Skye Bioscience, Inc. has a 12-month low of $1.50 and a 12-month high of $39.92.

Skye Bioscience (NASDAQ:SKYE) last released its earnings results on Friday, August 14th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.02. Sell-side analysts forecast that Skye Bioscience, Inc. will post -5.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings lowered Skye Bioscience from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 27th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $64.00.

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.