Impact of Craig-Hallum Downgrade on Skye Bioscience (SKYE) Stock

Company Overview - Skye Bioscience, trading under the symbol SKYE on NASDAQ, is focused on developing pharmaceutical products [1] - The company's market capitalization is approximately $58.88 million, indicating a moderate level of investor interest [4] Recent Developments - On October 6, 2025, Craig-Hallum downgraded SKYE from a Buy to a Hold rating, with the stock priced at $1.91, reflecting a cautious stance on its future performance [1][5] - Despite the Nasdaq Composite gaining over 150 points, SKYE shares experienced a sharp decline, currently priced at $1.90, which represents a significant decrease of 60% from previous levels [2] Stock Performance - The stock has fluctuated between a low of $1.77 and a high of $2.30 during the day, with a yearly high of $5.96 and a low of $1.14, indicating volatility and uncertainty in performance [3] - The trading volume for SKYE is 13.21 million shares, suggesting that investor caution may be influenced by recent performance and market conditions [4]