Skye Bioscience (NASDAQ:SKYE) Stock Price Down 0.3% – Here’s Why

Skye Bioscience, Inc. (NASDAQ:SKYE) shares fell 0.3% during trading on Thursday . The stock traded as low as $0.70 and last traded at $0.7009. 49,317 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 115,701 shares. The stock had previously closed at $0.7030.

Skye Bioscience Trading Down 0.3%

The firm has a market capitalization of $24.63 million, a price-to-earnings ratio of -0.49 and a beta of 2.94. The company has a 50-day moving average of $0.77 and a 200-day moving average of $0.79.

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

Institutional Trading of Skye Bioscience

A number of institutional investors and hedge funds have recently modified their holdings of SKYE. XTX Topco Ltd acquired a new position in shares of Skye Bioscience in the 4th quarter valued at about $40,000. Two Sigma Investments LP raised its stake in Skye Bioscience by 46.2% during the third quarter. Two Sigma Investments LP now owns 92,318 shares of the company’s stock worth $363,000 after acquiring an additional 29,163 shares during the period. Dimensional Fund Advisors LP acquired a new stake in Skye Bioscience during the third quarter worth about $53,000. Vanguard Group Inc. raised its stake in Skye Bioscience by 5.3% during the third quarter. Vanguard Group Inc. now owns 882,785 shares of the company’s stock worth $3,469,000 after acquiring an additional 44,824 shares during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in Skye Bioscience by 121.3% in 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 during the last quarter. 21.09% of the stock is owned by institutional investors and hedge funds.

Skye Bioscience Company Profile

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.