Perceptive Advisors LLC Takes Position in Skye Bioscience, Inc. (NASDAQ:SKYE)

Perceptive Advisors LLC purchased a new stake in Skye Bioscience, Inc. (NASDAQ:SKYE) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 500,000 shares of the company’s stock, valued at approximately $4,005,000. Perceptive Advisors LLC owned about 1.78% of Skye Bioscience as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Driehaus Capital Management LLC purchased a new position in Skye Bioscience during the second quarter worth about $5,213,000. CVI Holdings LLC purchased a new stake in Skye Bioscience in the second quarter valued at $5,445,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Skye Bioscience in the 2nd quarter valued at $222,000. Cubist Systematic Strategies LLC purchased a new position in shares of Skye Bioscience during the 2nd quarter worth $30,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Skye Bioscience during the 2nd quarter worth about $48,000. Hedge funds and other institutional investors own 21.09% of the company’s stock.

Insider Transactions at Skye Bioscience

In related news, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction on 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 owns 66,356 shares of the company’s stock, valued at $437,949.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Andrew J. Schwab sold 252,500 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the completion of the transaction, the director now directly owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Andrew J. Schwab sold 13,837 shares of the stock in a transaction dated Friday, September 13th. The shares were 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 owns 66,277 shares in the company, valued at approximately $401,638.62. The disclosure for this sale can be found here. Corporate insiders own 0.73% of the company’s stock.

Skye Bioscience Stock Performance

Shares of NASDAQ SKYE opened at $3.75 on Monday. Skye Bioscience, Inc. has a 12-month low of $1.44 and a 12-month high of $19.41. The company has a fifty day moving average of $5.50.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings data on Friday, August 9th. The company reported ($0.20) EPS for the quarter, hitting analysts’ consensus estimates of ($0.20). As a group, analysts anticipate that Skye Bioscience, Inc. will post -1.06 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Craig Hallum assumed coverage on shares of Skye Bioscience in a research report on Tuesday, July 9th. They issued a “buy” rating and a $18.00 target price on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $20.00 price objective on shares of Skye Bioscience in a research report on Friday, September 20th. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. Finally, JMP Securities initiated coverage on Skye Bioscience in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 target price for the company. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $18.40.

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.