Cubist Systematic Strategies LLC Buys New Shares in Skye Bioscience, Inc. (NASDAQ:SKYE)

Cubist Systematic Strategies LLC purchased a new position in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,762 shares of the company’s stock, valued at approximately $30,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Point72 DIFC Ltd acquired a new stake in Skye Bioscience during the 2nd quarter worth about $48,000. Rhumbline Advisers acquired a new stake in Skye Bioscience during the 2nd quarter worth about $158,000. AdvisorShares Investments LLC acquired a new stake in Skye Bioscience during the 2nd quarter worth about $210,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Skye Bioscience during the 2nd quarter worth about $222,000. Finally, Bank of New York Mellon Corp acquired a new stake in Skye Bioscience during the 2nd quarter worth about $471,000. 21.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SKYE has been the topic of several analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. Craig Hallum initiated coverage on Skye Bioscience in a research report on Tuesday, July 9th. They set a “buy” rating and a $18.00 target price on the stock. Piper Sandler restated an “overweight” rating and set a $20.00 target price on shares of Skye Bioscience in a research report on Friday, September 20th. JMP Securities initiated coverage on Skye Bioscience in a research report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 target price on the stock. Finally, Scotiabank initiated coverage on Skye Bioscience in a research report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $18.67.

Skye Bioscience Stock Up 1.9 %

Shares of Skye Bioscience stock opened at $4.28 on Thursday. The firm’s 50-day moving average price is $4.26 and its 200 day moving average price is $5.23. Skye Bioscience, Inc. has a twelve month low of $1.44 and a twelve month high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last released its earnings results on Friday, August 9th. The company reported ($0.20) earnings per share 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.

Insiders Place Their Bets

In other Skye Bioscience news, Director Andrew J. Schwab sold 252,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were 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 of the company’s stock, valued at $437,949.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Andrew J. Schwab sold 13,837 shares of the firm’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 transaction of $83,852.22. Following the completion of the sale, the director now owns 66,277 shares in the company, valued at $401,638.62. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Andrew J. Schwab sold 252,500 shares of the firm’s 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 owns 66,356 shares of the company’s stock, valued at $437,949.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.73% of the company’s stock.

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.