Geode Capital Management LLC Purchases 15,614 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE)

Geode Capital Management LLC raised its position in Skye Bioscience, Inc. (NASDAQ:SKYE) by 4.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 385,793 shares of the company’s stock after buying an additional 15,614 shares during the period. Geode Capital Management LLC owned 1.27% of Skye Bioscience worth $1,509,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new position in shares of Skye Bioscience in the 2nd quarter worth approximately $471,000. Rhumbline Advisers bought a new position in Skye Bioscience in the 2nd quarter valued at $158,000. AdvisorShares Investments LLC bought a new position in Skye Bioscience in the 2nd quarter valued at $210,000. Logos Global Management LP acquired a new position in Skye Bioscience in the second quarter worth $10,425,000. Finally, Point72 DIFC Ltd bought a new stake in shares of Skye Bioscience during the second quarter worth $48,000. 21.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Skye Bioscience

In other Skye Bioscience news, CEO Punit Dhillon sold 82,546 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 $411,904.54. Following the completion of the sale, the chief executive officer now owns 329,823 shares in the company, valued at approximately $1,645,816.77. The trade was a 20.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Paul A. Grayson sold 86,244 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $430,357.56. Following the completion of the transaction, the director now owns 259,701 shares in the company, valued at $1,295,907.99. This represents a 24.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 232,431 shares of company stock worth $1,160,360. Company insiders own 3.00% of the company’s stock.

Skye Bioscience Trading Up 1.0 %

Skye Bioscience stock opened at $3.10 on Thursday. Skye Bioscience, Inc. has a 12-month low of $2.25 and a 12-month high of $19.41. The business’s 50-day simple moving average is $3.05 and its 200 day simple moving average is $4.06.

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.