Skye Bioscience (NASDAQ:SKYE) Shares Down 31% – Time to Sell?

Shares of Skye Bioscience, Inc. (NASDAQ:SKYE) traded down 31% during mid-day trading on Thursday . The company traded as low as $2.63 and last traded at $1.89. 61,166 shares were traded during mid-day trading, a decline of 71% from the average session volume of 210,139 shares. The stock had previously closed at $2.73.

Wall Street Analyst Weigh In

Separately, William Blair assumed coverage on Skye Bioscience in a research note on Friday, February 28th. They issued an “outperform” rating on the stock. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Skye Bioscience has an average rating of “Buy” and a consensus target price of $18.67.

Skye Bioscience Stock Down 5.5 %

The business has a 50 day simple moving average of $2.69 and a 200-day simple moving average of $2.84.

Skye Bioscience (NASDAQ:SKYE) last issued its quarterly earnings results on Thursday, March 20th. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.06. During the same period last year, the business earned ($0.36) EPS. On average, equities research analysts anticipate that Skye Bioscience, Inc. will post -1.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Squarepoint Ops LLC acquired a new position in shares of Skye Bioscience during the fourth quarter valued at $38,000. Two Sigma Advisers LP acquired a new position in shares of Skye Bioscience during the fourth quarter valued at $32,000. Deutsche Bank AG increased its holdings in shares of Skye Bioscience by 365.0% during the fourth quarter. Deutsche Bank AG now owns 40,835 shares of the company’s stock valued at $116,000 after purchasing an additional 32,054 shares during the period. Bridgeway Capital Management LLC increased its holdings in shares of Skye Bioscience by 26.3% during the fourth quarter. Bridgeway Capital Management LLC now owns 72,000 shares of the company’s stock valued at $204,000 after purchasing an additional 15,000 shares during the period. Finally, Braidwell LP acquired a new position in shares of Skye Bioscience during the fourth quarter valued at $2,337,000. 21.09% of the stock is 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.