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

Skye Bioscience, Inc. (NASDAQ:SKYE) insider Tuan Tu Diep sold 19,489 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 82,259 shares of the company’s stock, valued at approximately $410,472.41. The trade was a 19.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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 shares were sold at an average price of $5.55, for a total value of $471.75.

Skye Bioscience Trading Down 1.6 %

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SKYE. JMP Securities initiated coverage on Skye Bioscience in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price objective for the company. Scotiabank initiated coverage on Skye Bioscience in a research note on Monday, September 30th. They set a “sector outperform” rating and a $20.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. Finally, Piper Sandler restated an “overweight” rating and set a $20.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $18.67.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SKYE. Barclays PLC grew its holdings in Skye Bioscience by 36.7% in the third quarter. Barclays PLC now owns 57,889 shares of the company’s stock valued at $226,000 after purchasing an additional 15,551 shares during the last quarter. Geode Capital Management LLC grew its holdings in Skye Bioscience by 4.2% in the third quarter. Geode Capital Management LLC now owns 385,793 shares of the company’s stock valued at $1,509,000 after purchasing an additional 15,614 shares during the last quarter. Jane Street Group LLC acquired a new stake in Skye Bioscience in the third quarter valued at $48,000. Sphera Funds Management LTD. grew its holdings in Skye Bioscience by 20.4% in the third quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock valued at $6,113,000 after purchasing an additional 265,210 shares during the last quarter. Finally, State Street Corp grew its holdings in Skye Bioscience by 7.0% in the third quarter. State Street Corp now owns 354,205 shares of the company’s stock valued at $1,385,000 after purchasing an additional 23,201 shares during the last quarter. 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.