SAN DIEGO—Grayson Paul A., a director at Skye Bioscience, Inc. (OTCQB:SKYE), sold a significant portion of his holdings in the company, according to a recent SEC filing. On November 15 and 18, Mr. Grayson sold a total of 86,551 shares of common stock, generating proceeds of approximately $432,061. The shares were sold at prices ranging from $4.99 to $5.55 per share.
The transactions were part of a block trade, with the majority of shares—86,244—sold on November 18 at a weighted average price. The sales were conducted to cover tax obligations related to the vesting and settlement of performance-based restricted stock units.
Following these transactions, Mr. Grayson retains ownership of 259,701 shares of the company, held directly. Skye Bioscience, a San Diego-based pharmaceutical company, continues to develop innovative treatments in the life sciences sector.
In other recent news, Skye Bioscience has reported significant progress in its Phase 2 CBeyond™ clinical trial for the obesity drug nimacimab, with over 50% enrollment reached. The company has also announced the appointment of Paul Grayson as the new Chairman of the Board, a move aimed at enhancing governance structures. Analyst firms JMP Securities, Piper Sandler, Craig-Hallum, and Oppenheimer have maintained positive ratings on Skye Bioscience, reflecting confidence in the company's prospects. Interim weight loss data from the Phase 2 trial is expected in Q2 2025, with top-line data anticipated in Q4 2025. These are recent developments in Skye Bioscience's operations.
InvestingPro Insights
Recent data from InvestingPro sheds light on Skye Bioscience's financial position and market performance, providing context to the recent insider sale by director Grayson Paul A.
The company's stock has experienced significant volatility, with InvestingPro data showing a 156.43% price total return over the past year, despite a 63.83% decline in the last six months. This volatility aligns with an InvestingPro Tip indicating that "Stock price movements are quite volatile," which may explain the timing of Mr. Grayson's sale to cover tax obligations.
Financially, Skye Bioscience faces challenges. The company reported an adjusted operating income of -$23.62 million for the last twelve months as of Q3 2024, reflecting its pre-profit stage. This is consistent with an InvestingPro Tip stating that "Analysts do not anticipate the company will be profitable this year."
Despite these financial hurdles, InvestingPro Tips suggest that Skye Bioscience "Operates with a moderate level of debt" and "Liquid assets exceed short term obligations," indicating some financial stability amidst its developmental phase.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Skye Bioscience, providing a deeper understanding of the company's financial health and market position.
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