Platinum Investment Management Ltd. Sells 51,153 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE)

Platinum Investment Management Ltd. lessened its position in Skye Bioscience, Inc. (NASDAQ:SKYE) by 10.5% in the 4th quarter, Holdings Channel reports. The firm owned 434,046 shares of the company’s stock after selling 51,153 shares during the period. Platinum Investment Management Ltd.’s holdings in Skye Bioscience were worth $1,228,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of SKYE. BNP Paribas Financial Markets increased its stake in Skye Bioscience by 71.1% in the third quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock valued at $185,000 after purchasing an additional 19,704 shares in the last quarter. Baker BROS. Advisors LP increased its stake in Skye Bioscience by 186.9% in the third quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock valued at $5,609,000 after purchasing an additional 934,634 shares in the last quarter. State Street Corp increased its stake in Skye Bioscience by 7.0% in the third quarter. State Street Corp now owns 354,205 shares of the company’s stock valued at $1,385,000 after purchasing an additional 23,201 shares in the last quarter. Sphera Funds Management LTD. increased its stake in Skye Bioscience by 20.4% in the third quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock valued at $6,113,000 after purchasing an additional 265,210 shares in the last quarter. Finally, Jane Street Group LLC bought a new stake in Skye Bioscience in the third quarter valued at approximately $48,000. Institutional investors own 21.09% of the company’s stock.

Analysts Set New Price Targets

Separately, William Blair assumed coverage on shares of Skye Bioscience in a research note on Friday, February 28th. They issued an “outperform” rating for the company. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $18.67.

Skye Bioscience Trading Down 9.5 %

Skye Bioscience stock opened at $2.29 on Wednesday. Skye Bioscience, Inc. has a twelve month low of $2.27 and a twelve month high of $17.65. The company has a 50 day moving average of $2.78 and a 200-day moving average of $2.89.

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.