Logos Global Management LP Makes New $10.43 Million Investment in Skye Bioscience, Inc. (NASDAQ:SKYE)

Logos Global Management LP purchased a new stake in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,301,518 shares of the company’s stock, valued at approximately $10,425,000. Skye Bioscience accounts for approximately 0.8% of Logos Global Management LP’s investment portfolio, making the stock its 29th largest holding. Logos Global Management LP owned approximately 4.64% of Skye Bioscience at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of SKYE. Bank of New York Mellon Corp bought a new position in Skye Bioscience during the second quarter valued at about $471,000. Rhumbline Advisers bought a new position in Skye Bioscience during the second quarter valued at about $158,000. Finally, AdvisorShares Investments LLC bought a new position in Skye Bioscience during the second quarter valued at about $210,000. 21.09% of the stock is owned by institutional investors and hedge funds.

Skye Bioscience Stock Performance

Shares of NASDAQ SKYE opened at $3.49 on Tuesday. Skye Bioscience, Inc. has a one year low of $1.44 and a one year high of $19.41. The business has a 50-day moving average price of $5.75 and a two-hundred day moving average price of $6.18.

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

Insider Transactions at Skye Bioscience

In other news, Director Andrew J. Schwab sold 13,837 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $6.06, for a total transaction of $83,852.22. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Andrew J. Schwab sold 13,837 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $6.06, for a total transaction of $83,852.22. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew J. Schwab sold 252,500 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 66,356 shares of the company’s stock, valued at $437,949.60. The disclosure for this sale can be found here. Company insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. JMP Securities assumed coverage on Skye Bioscience in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price target for the company. Craig Hallum assumed coverage on Skye Bioscience in a research report on Tuesday, July 9th. They issued a “buy” rating and a $18.00 price target for the company. Piper Sandler reiterated an “overweight” rating and issued a $20.00 price target on shares of Skye Bioscience in a research report on Friday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $14.00 price target on shares of Skye Bioscience in a research report on Friday. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Skye Bioscience presently has a consensus rating of “Buy” and a consensus price target of $18.40.

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.