Jane Street Group LLC Takes Position in Skye Bioscience, Inc. (NASDAQ:SKYE)

Jane Street Group LLC acquired a new stake in Skye Bioscience, Inc. (NASDAQ:SKYE) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 12,200 shares of the company’s stock, valued at approximately $48,000.

A number of other large investors have also bought and sold shares of the business. Logos Global Management LP bought a new position in Skye Bioscience in the 2nd quarter valued at $10,425,000. Baker BROS. Advisors LP raised its stake in shares of Skye Bioscience by 186.9% in the 3rd quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock valued at $5,609,000 after purchasing an additional 934,634 shares during the period. CVI Holdings LLC acquired a new stake in shares of Skye Bioscience in the 2nd quarter valued at about $5,445,000. Driehaus Capital Management LLC bought a new position in shares of Skye Bioscience in the 2nd quarter valued at about $5,213,000. Finally, Point72 Asset Management L.P. bought a new position in shares of Skye Bioscience in the 2nd quarter valued at about $4,486,000. 21.09% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SKYE has been the subject of a number of research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a report on Friday, September 20th. Piper Sandler restated an “overweight” rating and set a $20.00 price objective on shares of Skye Bioscience in a research report on Friday, September 20th. Finally, Scotiabank began coverage on shares of Skye Bioscience in a research note on Monday, September 30th. They set a “sector outperform” rating and a $20.00 target price on the stock. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently 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 the company’s stock in a transaction dated Monday, November 18th. The shares were 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. This represents a 20.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul A. Grayson sold 86,244 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $430,357.56. Following the completion of the sale, the director now owns 259,701 shares of the company’s stock, valued at approximately $1,295,907.99. This trade represents a 24.93 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 232,431 shares of company stock valued at $1,160,360. 3.00% of the stock is currently owned by insiders.

Skye Bioscience Price Performance

Shares of Skye Bioscience stock opened at $2.82 on Thursday. The company’s fifty day moving average is $2.89 and its 200 day moving average is $4.00. Skye Bioscience, Inc. has a twelve month low of $2.25 and a twelve month high of $19.41.

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.