Skye Bioscience, Inc. (NASDAQ:SKYE) Stock Position Lifted by Baker BROS. Advisors LP

Baker BROS. Advisors LP raised its stake in Skye Bioscience, Inc. (NASDAQ:SKYE) by 186.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,434,634 shares of the company’s stock after buying an additional 934,634 shares during the quarter. Baker BROS. Advisors LP owned 4.73% of Skye Bioscience worth $5,609,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Cubist Systematic Strategies LLC acquired a new position in shares of Skye Bioscience in the second quarter worth $30,000. Point72 DIFC Ltd purchased a new position in Skye Bioscience in the second quarter valued at about $48,000. Rhumbline Advisers purchased a new stake in shares of Skye Bioscience during the 2nd quarter worth about $158,000. AdvisorShares Investments LLC acquired a new stake in shares of Skye Bioscience during the 2nd quarter valued at about $210,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Skye Bioscience in the 2nd quarter valued at approximately $222,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

Skye Bioscience Stock Up 5.4 %

NASDAQ SKYE opened at $4.49 on Monday. Skye Bioscience, Inc. has a 1 year low of $1.44 and a 1 year high of $19.41. The business’s fifty day moving average price is $4.93.

Insiders Place Their Bets

In other news, Director Andrew J. Schwab sold 252,500 shares of Skye Bioscience stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total value of $1,666,500.00. Following the transaction, the director now directly owns 66,356 shares in the company, valued at approximately $437,949.60. The trade was a 79.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Tuan Tu Diep sold 19,489 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $97,250.11. Following the sale, the insider now owns 82,259 shares of the company’s stock, valued at approximately $410,472.41. The trade was a 19.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 498,768 shares of company stock valued at $2,910,713 in the last quarter. Insiders own 3.00% of the company’s stock.

Wall Street Analysts Forecast Growth

SKYE has been the topic of several recent research reports. Scotiabank began coverage on shares of Skye Bioscience in a research report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 price objective on the stock. Piper Sandler restated an “overweight” rating and set a $20.00 price target on shares of Skye Bioscience in a report on Friday, September 20th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $14.00 price objective on shares of Skye Bioscience in a report on Friday, September 20th. Finally, JMP Securities initiated coverage on Skye Bioscience in a report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 target price on the stock. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $18.67.

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.