Skye Bioscience (NASDAQ:SKYE) Stock Price Down 8% - Here's What Happened

Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) was down 8% during trading on Thursday . The company traded as low as $3.99 and last traded at $4.01. Approximately 260,808 shares changed hands during trading, a decline of 77% from the average daily volume of 1,146,937 shares. The stock had previously closed at $4.36.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SKYE shares. William Blair reaffirmed an "outperform" rating on shares of Skye Bioscience in a research note on Tuesday, May 20th. JMP Securities reiterated a "market outperform" rating and set a $15.00 price target on shares of Skye Bioscience in a report on Tuesday, June 24th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $16.60.

Skye Bioscience Trading Down 2.5%

The stock has a market capitalization of $121.13 million, a PE ratio of -4.77 and a beta of 1.95. The firm's fifty day moving average is $3.16 and its 200-day moving average is $2.27.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.03. As a group, equities analysts predict that Skye Bioscience, Inc. will post -1.04 EPS for the current year.

Hedge Funds Weigh In On Skye Bioscience

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SKYE. Baker BROS. Advisors LP raised its stake in shares of Skye Bioscience by 1.1% during the fourth quarter. Baker BROS. Advisors LP now owns 1,450,638 shares of the company's stock worth $4,105,000 after purchasing an additional 16,004 shares during the last quarter. Schonfeld Strategic Advisors LLC increased its position in Skye Bioscience by 48.3% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 1,422,741 shares of the company's stock worth $4,026,000 after purchasing an additional 463,644 shares in the last quarter. Braidwell LP purchased a new stake in Skye Bioscience during the 4th quarter worth about $2,337,000. Geode Capital Management LLC boosted its stake in Skye Bioscience by 5.2% in the 4th quarter. Geode Capital Management LLC now owns 405,694 shares of the company's stock worth $1,148,000 after buying an additional 19,901 shares during the last quarter. Finally, Bridgeway Capital Management LLC boosted its stake in Skye Bioscience by 26.3% in the 4th quarter. Bridgeway Capital Management LLC now owns 72,000 shares of the company's stock worth $204,000 after buying an additional 15,000 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, 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.