Barclays PLC Increases Position in Skye Bioscience, Inc. (NASDAQ:SKYE)

Barclays PLC lifted its holdings in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) by 36.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 57,889 shares of the company’s stock after acquiring an additional 15,551 shares during the quarter. Barclays PLC owned 0.19% of Skye Bioscience worth $226,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Bank of New York Mellon Corp bought a new stake in Skye Bioscience in the second quarter valued at about $471,000. Rhumbline Advisers acquired a new position in Skye Bioscience in the second quarter valued at approximately $158,000. AdvisorShares Investments LLC acquired a new position in Skye Bioscience in the second quarter valued at approximately $210,000. Logos Global Management LP acquired a new position in Skye Bioscience in the second quarter valued at approximately $10,425,000. Finally, Point72 DIFC Ltd acquired a new position in Skye Bioscience in the second quarter valued at approximately $48,000. 21.09% of the stock is owned by hedge funds and other institutional investors.

Skye Bioscience Stock Up 4.2 %

NASDAQ SKYE opened at $2.97 on Tuesday. Skye Bioscience, Inc. has a 1 year low of $2.25 and a 1 year high of $19.41. The business’s fifty day moving average is $3.14 and its two-hundred day moving average is $4.08.

Insider Buying and Selling at Skye Bioscience

In other Skye Bioscience news, CFO Kaitlyn Arsenault sold 43,206 shares of the business’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 $215,597.94. Following the sale, the chief financial officer now directly owns 166,342 shares of the company’s stock, valued at $830,046.58. The trade was a 20.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul A. Grayson sold 86,244 shares of the business’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 directly owns 259,701 shares in the company, valued at approximately $1,295,907.99. This trade represents a 24.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 232,431 shares of company stock valued at $1,160,360 in the last three months. 3.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

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.