Skye Bioscience (NASDAQ:SKYE) Releases Earnings Results, Misses Estimates By $0.03 EPS

Skye Bioscience (NASDAQ:SKYE) issued its earnings results on Monday. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.03), FiscalAI reports.

Skye Bioscience Price Performance

Shares of NASDAQ SKYE traded up $0.01 during trading hours on Wednesday, reaching $0.82. The stock had a trading volume of 120,378 shares, compared to its average volume of 469,648. The business’s fifty day moving average is $0.76 and its two-hundred day moving average is $0.96. Skye Bioscience has a twelve month low of $0.57 and a twelve month high of $5.75. The company has a market cap of $28.80 million, a price-to-earnings ratio of -0.57 and a beta of 3.03.

Institutional Trading of Skye Bioscience

A number of large investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC grew its holdings in shares of Skye Bioscience by 121.3% during the second quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after purchasing an additional 5,989 shares during the last quarter. Dimensional Fund Advisors LP bought a new position in Skye Bioscience in the third quarter valued at about $53,000. Two Sigma Investments LP boosted its holdings in Skye Bioscience by 46.2% in the third quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock valued at $363,000 after acquiring an additional 29,163 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Skye Bioscience by 5.3% in the third quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock valued at $3,469,000 after acquiring an additional 44,824 shares during the last quarter. Finally, Qube Research & Technologies Ltd bought 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.

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.