State Street Corp Acquires 23,201 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE)

State Street Corp lifted its stake in Skye Bioscience, Inc. (NASDAQ:SKYE) by 7.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 354,205 shares of the company’s stock after buying an additional 23,201 shares during the period. State Street Corp owned approximately 1.17% of Skye Bioscience worth $1,385,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Cubist Systematic Strategies LLC bought a new stake in shares of Skye Bioscience during the 2nd quarter valued at $30,000. Point72 DIFC Ltd bought a new position in Skye Bioscience in the second quarter valued at approximately $48,000. Rhumbline Advisers acquired a new position in Skye Bioscience during the second quarter valued at approximately $158,000. BNP Paribas Financial Markets lifted its stake in Skye Bioscience by 71.1% during the third quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock worth $185,000 after purchasing an additional 19,704 shares during the last quarter. Finally, AdvisorShares Investments LLC acquired a new stake in shares of Skye Bioscience in the 2nd quarter valued at $210,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other Skye Bioscience news, Director Paul A. Grayson sold 86,244 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 $430,357.56. Following the sale, the director now owns 259,701 shares of the company’s stock, valued at approximately $1,295,907.99. This represents a 24.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Tuan Tu Diep sold 19,489 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $97,250.11. Following the sale, the insider now owns 82,259 shares of the company’s stock, valued at approximately $410,472.41. The trade was a 19.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 232,431 shares of company stock valued at $1,160,360 in the last ninety days. 3.00% of the stock is currently owned by insiders.

Skye Bioscience Stock Up 0.7 %

Skye Bioscience stock opened at $2.85 on Friday. The business has a 50 day moving average of $3.26 and a 200-day moving average of $4.11. Skye Bioscience, Inc. has a 1 year low of $2.25 and a 1 year high of $19.41.

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.