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

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

Wall Street Analysts Forecast Growth

Separately, William Blair began coverage on Skye Bioscience in a research note on Friday, February 28th. They set an “outperform” rating on the stock. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $18.67.

Skye Bioscience Stock Performance

The stock has a 50 day moving average price of $2.69 and a 200 day moving average price of $2.84.

Skye Bioscience (NASDAQ:SKYE) last released its earnings results on Thursday, March 20th. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.06. During the same period in the prior year, the firm earned ($0.36) EPS. On average, research analysts predict that Skye Bioscience, Inc. will post -1.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Skye Bioscience

Hedge funds have recently made changes to their positions in the business. Virtu Financial LLC bought a new stake in shares of Skye Bioscience during the 4th quarter worth $29,000. Wells Fargo & Company MN raised its stake in shares of Skye Bioscience by 49.0% during the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock worth $32,000 after purchasing an additional 3,684 shares during the period. Two Sigma Advisers LP bought a new stake in shares of Skye Bioscience during the 4th quarter worth $32,000. Squarepoint Ops LLC purchased a new stake in Skye Bioscience in the 4th quarter worth about $38,000. Finally, Jane Street Group LLC purchased a new stake in Skye Bioscience in the 3rd quarter worth about $48,000. 21.09% of the stock is currently owned by institutional investors.

About Skye Bioscience

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.