Skye Bioscience (NASDAQ:SKYE) Major Shareholder Sells $47,355.00 in Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) major shareholder 5Am Partners Vii, Llc sold 28,700 shares of the company’s stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $1.65, for a total transaction of $47,355.00. Following the completion of the sale, the insider owned 4,528 shares of the company’s stock, valued at approximately $7,471.20. This trade represents a 86.37% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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 Wednesday, September 23rd, 5Am Partners Vii, Llc sold 119,379 shares of Skye Bioscience stock. The stock was sold at an average price of $1.61, for a total transaction of $192,200.19.
• On Wednesday, September 16th, 5Am Partners Vii, Llc sold 33,892 shares of Skye Bioscience stock. The stock was sold at an average price of $1.91, for a total transaction of $64,733.72.
• 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 transaction 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 transaction of $114,000.00.

Skye Bioscience Price Performance

SKYE traded down $0.10 on Thursday, reaching $1.70. 37,211 shares of the company traded hands, compared to its average volume of 62,529. The company has a market cap of $7.53 million, a price-to-earnings ratio of -0.17 and a beta of 2.90. The stock’s 50 day moving average price is $3.20 and its 200-day moving average price is $5.00. Skye Bioscience, Inc. has a 52-week low of $1.50 and a 52-week 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. As a group, equities research analysts forecast that Skye Bioscience, Inc. will post -5.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

About Skye Bioscience

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).