Skye Bioscience Stock to Reverse Split on Monday, August 24th (NASDAQ:SKYE)

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) are set to reverse split on the morning of Monday, August 24th. The 1-8 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Sunday, August 23rd.

Skye Bioscience Stock Performance

SKYE opened at $0.31 on Thursday. The business’s 50-day simple moving average is $0.63 and its 200-day simple moving average is $0.72. Skye Bioscience has a one year low of $0.28 and a one year high of $4.99. The stock has a market capitalization of $10.83 million, a P/E ratio of -0.24 and a beta of 2.97.

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

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Skye Bioscience in a research report on Friday, July 10th. Two 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.com, Skye Bioscience currently has an average rating of “Hold” and an average target price of $8.00.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SKYE. Marshall Wace LLP purchased a new stake in shares of Skye Bioscience in the second quarter valued at about $436,000. Qube Research & Technologies Ltd purchased a new position in shares of Skye Bioscience during the second quarter worth about $218,000. 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 buying an additional 5,989 shares during the last quarter. Vanguard Group Inc. grew 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 buying an additional 44,824 shares during the last quarter. Finally, Dimensional Fund Advisors LP acquired a new position in Skye Bioscience in the 3rd quarter valued at about $53,000. 21.09% of the stock is currently owned by institutional investors and hedge funds.

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.