Skye Bioscience, Inc. (NASDAQ:SKYE) Shares Purchased by BNP Paribas Financial Markets

BNP Paribas Financial Markets raised its stake in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) by 71.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 47,417 shares of the company’s stock after acquiring an additional 19,704 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.16% of Skye Bioscience worth $185,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Point72 DIFC Ltd acquired a new stake in Skye Bioscience during the second quarter worth about $48,000. Cubist Systematic Strategies LLC bought a new position in Skye Bioscience in the 2nd quarter worth about $30,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Skye Bioscience in the 2nd quarter worth about $222,000. Point72 Asset Management L.P. acquired a new stake in shares of Skye Bioscience in the second quarter valued at approximately $4,486,000. Finally, Perceptive Advisors LLC bought a new stake in shares of Skye Bioscience during the second quarter valued at approximately $4,005,000. 21.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SKYE. Scotiabank initiated coverage on Skye Bioscience in a report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 price target on the stock. JMP Securities initiated coverage on Skye Bioscience in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 target price for the company. Piper Sandler restated an “overweight” rating and set a $20.00 price target on shares of Skye Bioscience in a report on Friday, September 20th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a report on Friday, September 20th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $18.67.

Insiders Place Their Bets

In related news, Director Paul A. Grayson sold 86,244 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $430,357.56. Following the transaction, the director now owns 259,701 shares in the company, valued at $1,295,907.99. This trade represents a 24.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Tuan Tu Diep sold 19,489 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $97,250.11. Following the sale, the insider now owns 82,259 shares of the company’s stock, valued at $410,472.41. The trade was a 19.15 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 232,431 shares of company stock worth $1,160,360. 3.00% of the stock is currently owned by company insiders.

Skye Bioscience Stock Performance

NASDAQ:SKYE opened at $3.25 on Wednesday. Skye Bioscience, Inc. has a 52-week low of $2.25 and a 52-week high of $19.41. The firm’s 50-day moving average is $4.12 and its 200-day moving average is $4.54.

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.