Point72 Asia Singapore Pte. Ltd. Acquires Shares of 27,768 Skye Bioscience, Inc. (NASDAQ:SKYE)

Point72 Asia Singapore Pte. Ltd. bought a new position in Skye Bioscience, Inc. (NASDAQ:SKYE) in the 2nd quarter, Holdings Channel.com reports. The firm bought 27,768 shares of the company’s stock, valued at approximately $222,000.

Other large investors have also modified their holdings of the company. Cubist Systematic Strategies LLC acquired a new position in Skye Bioscience during the 2nd quarter worth approximately $30,000. Point72 DIFC Ltd purchased a new stake in shares of Skye Bioscience during the second quarter valued at approximately $48,000. Rhumbline Advisers acquired a new position in shares of Skye Bioscience during the second quarter worth $158,000. AdvisorShares Investments LLC purchased a new position in shares of Skye Bioscience in the second quarter valued at $210,000. Finally, Bank of New York Mellon Corp acquired a new stake in Skye Bioscience during the 2nd quarter valued at $471,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

Skye Bioscience Price Performance

Shares of Skye Bioscience stock opened at $3.57 on Thursday. The business has a 50-day moving average price of $5.18 and a 200 day moving average price of $5.70. Skye Bioscience, Inc. has a fifty-two week low of $1.44 and a fifty-two week high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings results on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). On average, equities analysts forecast that Skye Bioscience, Inc. will post -1.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SKYE has been the subject of a number of analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $14.00 price objective on shares of Skye Bioscience in a research report on Friday, September 20th. JMP Securities started coverage on Skye Bioscience in a report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price target for the company. Scotiabank initiated coverage on Skye Bioscience in a report on Monday. They set a “sector outperform” rating and a $20.00 price objective on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 target price on shares of Skye Bioscience in a research report on Friday, September 20th. Finally, Craig Hallum started coverage on shares of Skye Bioscience in a research report on Tuesday, July 9th. They set a “buy” rating and a $18.00 price target for the company. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $18.67.

Insider Transactions at Skye Bioscience

In related news, Director Andrew J. Schwab sold 13,837 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $6.06, for a total transaction of $83,852.22. Following the completion of the sale, the director now owns 66,277 shares of the company’s stock, valued at approximately $401,638.62. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction that occurred on 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 sale, the director now directly owns 66,356 shares in the company, valued at approximately $437,949.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew J. Schwab sold 13,837 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $6.06, for a total value of $83,852.22. Following the transaction, 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. Insiders own 0.73% of the company’s stock.

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.