Skye Bioscience, Inc. (NASDAQ:SKYE) Short Interest Up 26.8% in November

Skye Bioscience, Inc. (NASDAQ:SKYE) saw a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 1,990,000 shares, a growth of 26.8% from the October 31st total of 1,570,000 shares. Based on an average daily trading volume, of 314,400 shares, the days-to-cover ratio is presently 6.3 days. Currently, 11.3% of the shares of the stock are short sold.

Skye Bioscience Stock Up 5.4 %

Skye Bioscience stock traded up $0.23 during mid-day trading on Friday, reaching $4.49. 44,000 shares of the company traded hands, compared to its average volume of 177,405. Skye Bioscience has a 52-week low of $1.44 and a 52-week high of $19.41. The firm’s 50 day moving average price is $4.93 and its 200 day moving average price is $4.94.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Scotiabank initiated coverage on shares of Skye Bioscience in a report on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 target price on the stock. JMP Securities began coverage on shares of Skye Bioscience in a report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 price objective on shares of Skye Bioscience in a research note on Friday, September 20th. Finally, Piper Sandler reiterated an “overweight” rating and set a $20.00 target price on shares of Skye Bioscience in a report on Friday, September 20th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Skye Bioscience currently has a consensus rating of “Buy” and an average target price of $18.67.

Insider Buying and Selling

In other news, insider Tuan Tu Diep sold 19,489 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $97,250.11. Following the transaction, the insider now directly owns 82,259 shares of the company’s stock, valued at approximately $410,472.41. This trade represents a 19.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Andrew J. Schwab sold 13,837 shares of Skye Bioscience stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $6.06, for a total value of $83,852.22. Following the completion of the transaction, the director now owns 66,277 shares in the company, valued at approximately $401,638.62. This represents a 17.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 498,768 shares of company stock worth $2,910,713 in the last quarter. 3.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Skye Bioscience

A number of large investors have recently modified their holdings of the stock. Perceptive Advisors LLC bought a new position in Skye Bioscience in the second quarter worth about $4,005,000. Point72 Asset Management L.P. purchased a new position in shares of Skye Bioscience during the 2nd quarter worth approximately $4,486,000. CVI Holdings LLC bought a new position in shares of Skye Bioscience in the 2nd quarter worth approximately $5,445,000. Logos Global Management LP purchased a new position in shares of Skye Bioscience in the 2nd quarter valued at approximately $10,425,000. Finally, Driehaus Capital Management LLC purchased a new position in shares of Skye Bioscience in the 2nd quarter valued at approximately $5,213,000. Institutional investors 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.