Skye Bioscience, Inc. (OTCMKTS:SKYE) Short Interest Up 631.9% in March

Skye Bioscience, Inc. (OTCMKTS:SKYE) was the target of a large increase in short interest in March. As of March 15th, there was short interest totalling 34,400 shares, an increase of 631.9% from the February 29th total of 4,700 shares. Based on an average daily volume of 129,100 shares, the short-interest ratio is currently 0.3 days.

Skye Bioscience Stock Performance

SKYE stock traded up $0.57 on Thursday, hitting $14.34. 2,721 shares of the company’s stock were exchanged, compared to its average volume of 46,683. Skye Bioscience has a 12-month low of $1.44 and a 12-month high of $19.41. The firm has a 50 day moving average price of $8.67 and a two-hundred day moving average price of $4.68. The stock has a market cap of $177.08 million, a P/E ratio of -1.34 and a beta of 1.70.

Analyst Ratings Changes

Separately, Piper Sandler reaffirmed an “overweight” rating and set a $20.00 target price (up from $12.00) on shares of Skye Bioscience in a research report on Thursday, March 14th.

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.