Skye Bioscience (NASDAQ:SKYE) Trading Down 5.1% – Time to Sell?

Skye Bioscience, Inc. (NASDAQ:SKYE)’s stock price fell 5.1% during trading on Monday . The company traded as low as $0.7406 and last traded at $0.7773. 632,563 shares traded hands during trading, an increase of 122% from the average session volume of 285,525 shares. The stock had previously closed at $0.8193.

Wall Street Analysts Forecast Growth

SKYE has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Skye Bioscience in a research report on Monday, December 29th. Citigroup reissued a “market outperform” rating on shares of Skye Bioscience in a research report on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $9.80.

Skye Bioscience Stock Down 5.1%

The stock’s 50-day moving average is $0.98 and its 200 day moving average is $2.11. The stock has a market capitalization of $24.92 million, a PE ratio of -0.61 and a beta of 2.87.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.01. As a group, equities research analysts forecast that Skye Bioscience, Inc. will post -1.04 EPS for the current year.

Hedge Funds Weigh In On Skye Bioscience

Several large investors have recently made changes to their positions in the business. Capital Advisors Inc. OK bought a new position in Skye Bioscience in the 3rd quarter worth approximately $39,000. Millington Financial Advisors LLC acquired a new position in Skye Bioscience in the second quarter worth about $44,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Skye Bioscience in the 2nd quarter worth approximately $42,000. Tower Research Capital LLC TRC raised its stake in Skye Bioscience by 121.3% during the second quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after acquiring an additional 5,989 shares in the last quarter. Finally, Dimensional Fund Advisors LP acquired a new stake in shares of Skye Bioscience during the 3rd quarter worth about $53,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

About Skye Bioscience

Skye Bioscience, Inc is a clinical-stage biotechnology company focused on the development of novel, selective cannabinoid type 1 (CB1) receptor modulators for the treatment of ocular diseases. Headquartered in Sunnyvale, California, Skye Bioscience leverages proprietary chemistry and formulation expertise to design and optimize compounds with high potency, tissue selectivity and favorable drug-like properties. The company’s lead product candidate is being evaluated for the treatment of glaucoma and other ophthalmic conditions characterized by elevated intraocular pressure.

Skye Bioscience’s pipeline centers on synthetic cannabinoids engineered to avoid central nervous system side effects commonly associated with traditional cannabinoid therapies.