Skye Bioscience, Inc. (NASDAQ:SKYE) Shares Acquired by Geode Capital Management LLC

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

A number of other institutional investors have also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC purchased a new position in shares of Skye Bioscience in the 2nd quarter valued at $30,000. Point72 DIFC Ltd acquired a new stake in Skye Bioscience in the 2nd quarter valued at $48,000. Jane Street Group LLC purchased a new position in Skye Bioscience in the third quarter valued at about $48,000. Barclays PLC raised its position in Skye Bioscience by 36.7% in the third quarter. Barclays PLC now owns 57,889 shares of the company’s stock valued at $226,000 after purchasing an additional 15,551 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in shares of 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 in the last quarter. Hedge funds and other institutional investors own 21.09% of the company’s stock.

Insiders Place Their Bets

In related news, insider Tuan Tu Diep sold 19,489 shares of the stock in a transaction dated 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 in the company, valued at $410,472.41. This represents a 19.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Punit Dhillon sold 82,546 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $411,904.54. Following the completion of the sale, the chief executive officer now directly owns 329,823 shares in the company, valued at approximately $1,645,816.77. This trade represents a 20.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 232,431 shares of company stock valued at $1,160,360 over the last 90 days. 3.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

SKYE has been the topic of several analyst reports. Scotiabank started coverage on Skye Bioscience in a report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $14.00 price objective on shares of Skye Bioscience in a research note on Friday, September 20th. Finally, Piper Sandler reissued an “overweight” rating and set a $20.00 target price on shares of Skye Bioscience in a research report on Friday, September 20th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $18.67.

Skye Bioscience Trading Up 1.0 %

Shares of SKYE opened at $3.10 on Thursday. Skye Bioscience, Inc. has a 52 week low of $2.25 and a 52 week high of $19.41. The stock has a 50 day moving average of $3.05 and a 200-day moving average of $4.06.

Skye Bioscience Company 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.