679,739 Shares in Skye Bioscience, Inc. (NASDAQ:SKYE) Acquired by CVI Holdings LLC

CVI Holdings LLC acquired a new position in Skye Bioscience, Inc. (NASDAQ:SKYE) during the 2nd quarter, HoldingsChannel.com reports. The firm acquired 679,739 shares of the company’s stock, valued at approximately $5,445,000. Skye Bioscience accounts for about 4.9% of CVI Holdings LLC’s investment portfolio, making the stock its 3rd biggest holding.

Other institutional investors also recently modified their holdings of the company. Cubist Systematic Strategies LLC bought a new position in shares of Skye Bioscience in the second quarter worth approximately $30,000. Point72 DIFC Ltd bought a new position in Skye Bioscience during the second quarter valued at approximately $48,000. Rhumbline Advisers bought a new position in Skye Bioscience during the second quarter valued at approximately $158,000. AdvisorShares Investments LLC bought a new position in Skye Bioscience during the second quarter valued at approximately $210,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Skye Bioscience during the second quarter valued at approximately $222,000. 21.09% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Andrew J. Schwab sold 252,500 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total value of $1,666,500.00. Following the completion of the sale, the director now owns 66,356 shares of the company’s stock, valued at $437,949.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Andrew J. Schwab sold 13,837 shares of the firm’s stock in a transaction on 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 sale, the director now owns 66,277 shares of the company’s stock, valued at $401,638.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Andrew J. Schwab sold 252,500 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total value of $1,666,500.00. Following the completion of the sale, the director now directly owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. The disclosure for this sale can be found here. Insiders own 0.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. JMP Securities assumed coverage on shares of Skye Bioscience in a research report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price target on the stock. Piper Sandler reiterated an “overweight” rating and set a $20.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. Cantor Fitzgerald reiterated an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. Finally, Craig Hallum assumed 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 on the stock. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $18.40.

Skye Bioscience Price Performance

NASDAQ:SKYE opened at $3.75 on Friday. Skye Bioscience, Inc. has a fifty-two week low of $1.44 and a fifty-two week high of $19.41. The business has a 50 day moving average price of $5.50 and a 200-day moving average price of $5.90.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.20) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.20). As a group, research analysts forecast that Skye Bioscience, Inc. will post -1.06 earnings per share for the current year.

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.