Logos Global Management LP purchased a new stake in Skye Bioscience, Inc. (NASDAQ:SKYE – Free Report) during the 2nd quarter, HoldingsChannel reports. The fund purchased 1,301,518 shares of the company’s stock, valued at approximately $10,425,000. Skye Bioscience accounts for 0.8% of Logos Global Management LP’s holdings, making the stock its 29th biggest position.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Rhumbline Advisers purchased a new stake in shares of Skye Bioscience in the 2nd quarter valued at $158,000. AdvisorShares Investments LLC bought a new stake in Skye Bioscience during the 2nd quarter valued at about $210,000. Finally, Bank of New York Mellon Corp bought a new stake in Skye Bioscience during the 2nd quarter valued at about $471,000. Institutional investors own 21.09% of the company’s stock.
Insider Activity at Skye Bioscience
In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of Skye Bioscience stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $6.06, for a total value of $83,852.22. Following the completion of the transaction, the director now directly owns 66,277 shares of the company’s stock, valued at approximately $401,638.62. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the completion of the sale, the director now owns 66,356 shares in the company, valued at approximately $437,949.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Andrew J. Schwab sold 13,837 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.06, for a total transaction of $83,852.22. Following the sale, the director now owns 66,277 shares of the company’s stock, valued at approximately $401,638.62. The disclosure for this sale can be found here. 0.73% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
Check Out Our Latest Research Report on SKYE
Skye Bioscience Stock Up 11.1 %
Shares of Skye Bioscience stock opened at $3.49 on Tuesday. Skye Bioscience, Inc. has a 52 week low of $1.44 and a 52 week high of $19.41. The company has a 50 day moving average price of $5.75 and a 200 day moving average price of $6.18.
Skye Bioscience (NASDAQ:SKYE – Get Free Report) last released its quarterly earnings results on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.20). On average, equities analysts predict that Skye Bioscience, Inc. will post -1.06 EPS for the current year.
Skye Bioscience 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.
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