Insider Selling: Skye Bioscience, Inc. (NASDAQ:SKYE) CEO Sells 82,546 Shares of Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) CEO Punit Dhillon sold 82,546 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $411,904.54. Following the transaction, the chief executive officer now owns 329,823 shares of the company’s stock, valued at $1,645,816.77. The trade was a 20.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Punit Dhillon also recently made the following trade(s):

• On Friday, November 15th, Punit Dhillon sold 364 shares of Skye Bioscience stock. The shares were sold at an average price of $5.55, for a total transaction of $2,020.20.

Skye Bioscience Stock Performance

Shares of SKYE traded down $0.22 during mid-day trading on Tuesday, reaching $4.34. The company’s stock had a trading volume of 97,100 shares, compared to its average volume of 179,792. Skye Bioscience, Inc. has a 1-year low of $1.44 and a 1-year high of $19.41. The business has a 50-day simple moving average of $5.08 and a two-hundred day simple moving average of $5.00.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Skye Bioscience

Hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new position in shares of Skye Bioscience in the second quarter valued at $471,000. Rhumbline Advisers bought a new stake in shares of Skye Bioscience during the 2nd quarter worth about $158,000. AdvisorShares Investments LLC acquired a new position in Skye Bioscience in the 2nd quarter valued at about $210,000. Logos Global Management LP bought a new position in Skye Bioscience in the 2nd quarter valued at about $10,425,000. Finally, Point72 DIFC Ltd bought a new position in Skye Bioscience in the 2nd quarter valued at about $48,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

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.