Punit Dhillon Sells 82,546 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) 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 value of $411,904.54. Following the transaction, the chief executive officer now owns 329,823 shares in the company, valued at $1,645,816.77. The trade was a 20.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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 Bioscience stock traded down $0.22 on Tuesday, reaching $4.34. 97,100 shares of the stock were exchanged, compared to its average volume of 179,792. The firm’s 50 day moving average is $5.08 and its 200-day moving average is $5.00. Skye Bioscience, Inc. has a one year low of $1.44 and a one year high of $19.41.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Logos Global Management LP acquired a new stake in shares of Skye Bioscience in the 2nd quarter valued at $10,425,000. Baker BROS. Advisors LP lifted its position in shares of Skye Bioscience by 186.9% during the 3rd quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock worth $5,609,000 after buying an additional 934,634 shares during the last quarter. CVI Holdings LLC acquired a new stake in Skye Bioscience in the second quarter valued at about $5,445,000. Driehaus Capital Management LLC bought a new position in Skye Bioscience in the second quarter valued at about $5,213,000. Finally, Point72 Asset Management L.P. acquired a new position in Skye Bioscience during the second quarter worth about $4,486,000. 21.09% of the stock is currently owned by institutional investors and hedge funds.

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.