Insider Selling: Skye Bioscience, Inc. (NASDAQ:SKYE) CFO Sells $215,597.94 in Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) CFO Kaitlyn Arsenault sold 43,206 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $215,597.94. Following the completion of the sale, the chief financial officer now owns 166,342 shares in the company, valued at $830,046.58. This represents a 20.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Kaitlyn Arsenault also recently made the following trade(s):

• On Friday, November 15th, Kaitlyn Arsenault sold 190 shares of Skye Bioscience stock. The stock was sold at an average price of $5.55, for a total value of $1,054.50.

Skye Bioscience Stock Performance

Shares of NASDAQ:SKYE opened at $4.28 on Thursday. Skye Bioscience, Inc. has a 12-month low of $1.44 and a 12-month high of $19.41. The company’s 50 day moving average price is $5.08 and its two-hundred day moving average price is $5.00.

Institutional Investors Weigh In On Skye Bioscience

A number of large investors have recently added to or reduced their stakes in SKYE. Perceptive Advisors LLC acquired a new stake in Skye Bioscience during the second quarter worth about $4,005,000. Point72 Asset Management L.P. bought a new stake in shares of Skye Bioscience during the 2nd quarter worth approximately $4,486,000. CVI Holdings LLC bought a new stake in shares of Skye Bioscience during the 2nd quarter worth approximately $5,445,000. Logos Global Management LP acquired a new stake in shares of Skye Bioscience during the 2nd quarter worth approximately $10,425,000. Finally, Driehaus Capital Management LLC bought a new position in Skye Bioscience in the second quarter valued at approximately $5,213,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on SKYE shares. Scotiabank began coverage on shares of Skye Bioscience in a report on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $14.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. JMP Securities began coverage on Skye Bioscience in a report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price objective for the company. Finally, Piper Sandler reiterated an “overweight” rating and set a $20.00 target price on shares of Skye Bioscience in a research note on Friday, September 20th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Skye Bioscience has an average rating of “Buy” and a consensus price target of $18.67.

Skye Bioscience Company Profile

Skye Bioscience, Inc, a clinical stage pharmaceutical company, discovers, develops, and commercializes cannabinoid-based molecules for the treatment of infectious diseases. The company's lead product candidate is SBI-100 used in the treatment of glaucoma and ocular hypertension. It is also developing SBI-200 to treat and manage various eye diseases, including uveitis, dry eye syndrome, macular degeneration and diabetic retinopathy.