Skye Bioscience (NASDAQ:SKYE) Coverage Initiated by Analysts at William Blair

William Blair started coverage on shares of Skye Bioscience (NASDAQ:SKYE) in a research note issued to investors on Friday morning, Marketbeat reports. The brokerage issued an outperform rating on the stock.

Skye Bioscience Price Performance

Shares of NASDAQ SKYE opened at $2.85 on Friday. The company’s fifty day moving average price is $3.02 and its 200 day moving average price is $3.14. Skye Bioscience has a 1 year low of $2.31 and a 1 year high of $19.41.

Institutional Investors Weigh In On Skye Bioscience

A number of institutional investors have recently modified their holdings of SKYE. Virtu Financial LLC acquired a new position in Skye Bioscience in the 4th quarter worth about $29,000. Wells Fargo & Company MN increased its position in shares of Skye Bioscience by 49.0% in the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock valued at $32,000 after buying an additional 3,684 shares in the last quarter. Two Sigma Advisers LP acquired a new position in shares of Skye Bioscience during the 4th quarter worth approximately $32,000. Squarepoint Ops LLC acquired a new position in shares of Skye Bioscience during the 4th quarter worth approximately $38,000. Finally, Jane Street Group LLC purchased a new position in shares of Skye Bioscience during the 3rd quarter valued at approximately $48,000. 21.09% of the stock is currently owned by institutional investors and hedge funds.

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.