The 36-month beta value for SKYE is also noteworthy at 1.81. There are mixed opinions on the stock, with 3 analysts rating it as a “buy,” 1 rating it as “overweight,” 0 rating it as “hold,” and 0 rating it as “sell.”
The public float for SKYE is 14.83M, and at present, short sellers hold a 7.73% of that float. The average trading volume of SKYE on September 18, 2024 was 247.90K shares.
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SKYE) stock’s latest price update
Skye Bioscience Inc (NASDAQ: SKYE) has experienced a decline in its stock price by -8.97 compared to its previous closing price of 5.80. However, the company has seen a fall of -24.46% in its stock price over the last five trading days. seekingalpha.com reported 2024-09-04 that Skye Bioscience, Inc. interim data from phase 2 CBeyond study, using nimacimab for the treatment of patients with obesity, is expected Q2 and Q4 of 2025. Experimental arm added into phase 2 CBeyond study, which is combining the use of nimacimab with Wegovy for the treatment of patients with obesity. The global obesity drugs market is expected to reach $105 billion in 2030.
SKYE’s Market Performance
Skye Bioscience Inc (SKYE) has experienced a -24.46% fall in stock performance for the past week, with a 13.30% rise in the past month, and a -51.38% drop in the past quarter. The volatility ratio for the week is 10.52%, and the volatility levels for the past 30 days are at 11.88% for SKYE. The simple moving average for the past 20 days is -11.88% for SKYE’s stock, with a -33.96% simple moving average for the past 200 days.
Analysts’ Opinion of SKYE
Many brokerage firms have already submitted their reports for SKYE stocks, with JMP Securities repeating the rating for SKYE by listing it as a “Mkt Outperform.” The predicted price for SKYE in the upcoming period, according to JMP Securities is $15 based on the research report published on September 10, 2024 of the current year 2024.
Craig Hallum, on the other hand, stated in their research note that they expect to see SKYE reach a price target of $18. The rating they have provided for SKYE stocks is “Buy” according to the report published on July 09th, 2024.
Cantor Fitzgerald gave a rating of “Overweight” to SKYE, setting the target price at $21 in the report published on May 23rd of the current year.
SKYE Trading at -8.39% from the 50-Day Moving Average
After a stumble in the market that brought SKYE to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -72.80% of loss for the given period.
Volatility was left at 11.88%, however, over the last 30 days, the volatility rate increased by 10.52%, as shares surge +8.20% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading -14.15% lower at present.
During the last 5 trading sessions, SKYE fell by -24.46%, which changed the moving average for the period of 200-days by +229.59% in comparison to the 20-day moving average, which settled at $6.01. In addition, Skye Bioscience Inc saw 94.12% in overturn over a single year, with a tendency to cut further gains.
Insider Trading
Reports are indicating that there were more than several insider trading activities at SKYE starting from Schwab Andrew J., who sale 252,500 shares at the price of $6.60 back on Sep 11 ’24. After this action, Schwab Andrew J. now owns 66,356 shares of Skye Bioscience Inc, valued at $1,666,500 using the latest closing price.
Schwab Andrew J., the Director of Skye Bioscience Inc, sale 13,837 shares at $6.06 during a trade that took place back on Sep 13 ’24, which means that Schwab Andrew J. is holding 66,277 shares at $83,852 based on the most recent closing price.
Stock Fundamentals for SKYE
Current profitability levels for the company are sitting at:
- -226.06 for the present operating margin
- 0.7 for the gross margin
The net margin for Skye Bioscience Inc stands at -220.53. The total capital return value is set at -0.59. Equity return is now at value -130.08, with -94.50 for asset returns.
Based on Skye Bioscience Inc (SKYE), the company’s capital structure generated 0.07 points at debt to capital in total, while cash flow to debt ratio is standing at -3.89. The debt to equity ratio resting at 0.07. The interest coverage ratio of the stock is -26.94.
Currently, EBITDA for the company is -13.55 million with net debt to EBITDA at 3.35. When we switch over and look at the enterprise to sales, we see a ratio of 504.05. The receivables turnover for the company is 9588.0for trailing twelve months and the total asset turnover is 0.0. The liquidity ratio also appears to be rather interesting for investors as it stands at 6.07.
Conclusion
In summary, Skye Bioscience Inc (SKYE) has had a mixed performance as of late. Analysts have bullish opinions on the stock, with some viewing it as a “buy” and others as a “hold”. It’s important to note that the stock is currently trading at a significant distance from its 50-day moving average and its 52-week high.
