Skye Bioscience, Inc. (NASDAQ:SKYE) Insider Tuan Tu Diep Sells 19,489 Shares

Skye Bioscience, Inc. (NASDAQ:SKYE) insider Tuan Tu Diep sold 19,489 shares of Skye Bioscience stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $97,250.11. Following the transaction, the insider now owns 82,259 shares in the company, valued at approximately $410,472.41. This represents a 19.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Tuan Tu Diep also recently made the following trade(s):

• On Friday, November 15th, Tuan Tu Diep sold 85 shares of Skye Bioscience stock. The stock was sold at an average price of $5.55, for a total value of $471.75.

Skye Bioscience Stock Performance

Shares of Skye Bioscience stock traded down $0.07 on Wednesday, reaching $4.27. 15,091 shares of the company were exchanged, compared to its average volume of 179,034. Skye Bioscience, Inc. has a 1-year low of $1.44 and a 1-year high of $19.41. The stock’s 50 day moving average price is $5.08 and its 200-day moving average price is $5.00.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Skye Bioscience

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC acquired a new position in shares of Skye Bioscience during the second quarter worth about $30,000. Point72 DIFC Ltd purchased a new stake in Skye Bioscience during the second quarter worth approximately $48,000. Jane Street Group LLC purchased a new stake in Skye Bioscience during the third quarter worth approximately $48,000. Barclays PLC lifted its stake in Skye Bioscience by 36.7% during the third quarter. Barclays PLC now owns 57,889 shares of the company’s stock worth $226,000 after purchasing an additional 15,551 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Skye Bioscience by 4.2% during the third quarter. Geode Capital Management LLC now owns 385,793 shares of the company’s stock worth $1,509,000 after purchasing an additional 15,614 shares during the last quarter. 21.09% of the stock is owned by institutional investors and hedge funds.

About Skye Bioscience

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.