Logos Global Management LP Buys Shares of 1,301,518 Skye Bioscience, Inc. (NASDAQ:SKYE)

Logos Global Management LP purchased a new stake in Skye Bioscience, Inc. (NASDAQ:SKYE) during the 2nd quarter, HoldingsChannel reports. The fund purchased 1,301,518 shares of the company’s stock, valued at approximately $10,425,000. Skye Bioscience accounts for 0.8% of Logos Global Management LP’s holdings, making the stock its 29th biggest position.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Rhumbline Advisers purchased a new stake in shares of Skye Bioscience in the 2nd quarter valued at $158,000. AdvisorShares Investments LLC bought a new stake in Skye Bioscience during the 2nd quarter valued at about $210,000. Finally, Bank of New York Mellon Corp bought a new stake in Skye Bioscience during the 2nd quarter valued at about $471,000. Institutional investors own 21.09% of the company’s stock.

Insider Activity at Skye Bioscience

In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of Skye Bioscience stock in a transaction dated Friday, September 13th. The stock was 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 directly owns 66,277 shares of the company’s stock, valued at approximately $401,638.62. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the completion of the sale, the director now owns 66,356 shares in the company, valued at approximately $437,949.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Andrew J. Schwab sold 13,837 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.06, for a total transaction of $83,852.22. Following the sale, 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. 0.73% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

SKYE has been the topic of a number of recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a report on Friday. Craig Hallum began coverage on shares of Skye Bioscience in a research report on Tuesday, July 9th. They issued a “buy” rating and a $18.00 price target on the stock. JMP Securities began coverage on shares of Skye Bioscience in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 target price on the stock. Finally, Piper Sandler restated an “overweight” rating and issued a $20.00 price target on shares of Skye Bioscience in a report on Friday. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $18.40.

Skye Bioscience Stock Up 11.1 %

Shares of Skye Bioscience stock opened at $3.49 on Tuesday. Skye Bioscience, Inc. has a 52 week low of $1.44 and a 52 week high of $19.41. The company has a 50 day moving average price of $5.75 and a 200 day moving average price of $6.18.

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

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.