Insider Selling: Skye Bioscience, Inc. (NASDAQ:SKYE) CFO Sells 43,206 Shares of Stock

Skye Bioscience, Inc. (NASDAQ:SKYE) CFO Kaitlyn Arsenault sold 43,206 shares of the firm’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 transaction of $215,597.94. Following the completion of the sale, the chief financial officer now owns 166,342 shares in the company, valued at approximately $830,046.58. The trade was a 20.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

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

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

Skye Bioscience Stock Down 1.4 %

Skye Bioscience stock opened at $4.28 on Thursday. The stock’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.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SKYE. Cubist Systematic Strategies LLC bought a new stake in shares of Skye Bioscience during the 2nd quarter valued at about $30,000. Point72 DIFC Ltd acquired a new position in Skye Bioscience in the second quarter valued at approximately $48,000. Jane Street Group LLC bought a new position in shares of Skye Bioscience during the 3rd quarter worth approximately $48,000. Rhumbline Advisers acquired a new stake in shares of Skye Bioscience during the 2nd quarter worth approximately $158,000. Finally, BNP Paribas Financial Markets increased its stake in shares of Skye Bioscience by 71.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock valued at $185,000 after acquiring an additional 19,704 shares in the last quarter. Institutional investors and hedge funds own 21.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SKYE shares. 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. Piper Sandler reissued an “overweight” rating and set a $20.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. Scotiabank initiated coverage on Skye Bioscience in a research note on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 price objective for the company. Finally, JMP Securities assumed coverage on shares of Skye Bioscience in a research report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 target price on the stock. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $18.67.

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.