Skye Bioscience (NASDAQ:SKYE) Stock Price Down 7.3% – Should You Sell?

Skye Bioscience, Inc. (NASDAQ:SKYE)’s stock price was down 7.3% on Monday . The stock traded as low as $0.7206 and last traded at $0.7295. Approximately 186,196 shares were traded during mid-day trading, an increase of 3% from the average daily volume of 180,631 shares. The stock had previously closed at $0.7872.

Skye Bioscience Stock Performance

The firm’s 50 day moving average price is $0.80 and its two-hundred day moving average price is $0.85. The firm has a market cap of $25.63 million, a PE ratio of -0.51 and a beta of 2.95.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.03). On average, analysts forecast that Skye Bioscience, Inc. will post -1.07 earnings per share for the current year.

Institutional Investors Weigh In On Skye Bioscience

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Marshall Wace LLP acquired a new position in shares of Skye Bioscience in the 2nd quarter valued at $436,000. XTX Topco Ltd acquired a new stake in shares of Skye Bioscience during the 4th quarter worth about $40,000. Qube Research & Technologies Ltd acquired a new stake in shares of Skye Bioscience during the 2nd quarter worth about $218,000. Vanguard Group Inc. raised its holdings in Skye Bioscience by 5.3% in the 3rd quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock valued at $3,469,000 after buying an additional 44,824 shares during the period. Finally, Two Sigma Investments LP raised its holdings in Skye Bioscience by 46.2% in the 3rd quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock valued at $363,000 after buying an additional 29,163 shares during the period. Hedge funds and other institutional investors 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.