Skye Bioscience, Inc. (NASDAQ:SKYE) Holdings Increased by Geode Capital Management LLC

Geode Capital Management LLC increased its stake in Skye Bioscience, Inc. (NASDAQ:SKYE) by 4.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 385,793 shares of the company’s stock after acquiring an additional 15,614 shares during the period. Geode Capital Management LLC’s holdings in Skye Bioscience were worth $1,509,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Cubist Systematic Strategies LLC acquired a new position in shares of Skye Bioscience during the 2nd quarter valued at $30,000. Point72 DIFC Ltd bought a new position in Skye Bioscience during the second quarter valued at about $48,000. Jane Street Group LLC acquired a new position in Skye Bioscience during the third quarter worth about $48,000. Barclays PLC grew its holdings in Skye Bioscience by 36.7% during the third quarter. Barclays PLC now owns 57,889 shares of the company’s stock worth $226,000 after acquiring an additional 15,551 shares during the period. Finally, BNP Paribas Financial Markets raised its position in Skye Bioscience by 71.1% in the third quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock worth $185,000 after acquiring an additional 19,704 shares in the last quarter. Institutional investors and hedge funds own 21.09% of the company’s stock.

Skye Bioscience Stock Performance

Shares of NASDAQ:SKYE opened at $3.10 on Thursday. The firm has a 50 day simple moving average of $3.05 and a 200 day simple moving average of $4.06. Skye Bioscience, Inc. has a 52 week low of $2.25 and a 52 week high of $19.41.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SKYE shares. Scotiabank began coverage on shares of Skye Bioscience in a research report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $14.00 price objective on shares of Skye Bioscience in a research note on Friday, September 20th. Finally, Piper Sandler restated an “overweight” rating and issued a $20.00 target price on shares of Skye Bioscience in a report on Friday, September 20th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $18.67.

Insider Buying and Selling at Skye Bioscience

In other news, CFO Kaitlyn Arsenault sold 43,206 shares of Skye Bioscience stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $215,597.94. Following the transaction, the chief financial officer now owns 166,342 shares in the company, valued at approximately $830,046.58. The trade was a 20.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Paul A. Grayson sold 86,244 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $430,357.56. Following the transaction, the director now directly owns 259,701 shares in the company, valued at $1,295,907.99. The trade was a 24.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 232,431 shares of company stock valued at $1,160,360 in the last three months. 3.00% of the stock is currently owned by company insiders.

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.