Insider Selling: Skye Bioscience (NASDAQ:SKYE) Director Sells $192,200.19 in Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) Director Andrew Schwab sold 119,379 shares of the company’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $1.61, for a total value of $192,200.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Skye Bioscience Stock Down 5.6%

Shares of NASDAQ SKYE traded down $0.10 during trading hours on Thursday, reaching $1.70. 37,211 shares of the stock traded hands, compared to its average volume of 62,529. The company has a market capitalization of $7.53 million, a P/E ratio of -0.17 and a beta of 2.90. Skye Bioscience, Inc. has a 52-week low of $1.50 and a 52-week high of $39.92. The company’s 50-day simple moving average is $3.20 and its two-hundred day simple moving average is $5.00.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings data 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. As a group, sell-side analysts forecast that Skye Bioscience, Inc. will post -5.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Weiss Ratings cut Skye Bioscience from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, August 27th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Skye Bioscience presently has a consensus rating of “Hold” and a consensus target price of $64.00.

Skye Bioscience Company Profile

Skye Bioscience, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that modulate the endocannabinoid system, a network involved in metabolism, inflammation and other physiological processes. The company’s research is centered on therapies designed to influence cannabinoid receptors outside the central nervous system, with the goal of addressing disease while avoiding certain side effects associated with earlier centrally acting cannabinoid drugs.

Skye’s lead investigational product is nimacimab, a monoclonal antibody that targets the cannabinoid receptor 1 (CB1).