12,200 Shares in Skye Bioscience, Inc. (NASDAQ:SKYE) Acquired by Jane Street Group LLC

Jane Street Group LLC purchased a new position in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 12,200 shares of the company’s stock, valued at approximately $48,000.

Other institutional investors also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC acquired a new position in shares of Skye Bioscience in the second quarter valued at approximately $30,000. Point72 DIFC Ltd acquired a new position in Skye Bioscience during the second quarter worth $48,000. BNP Paribas Financial Markets boosted its position 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 in the last quarter. Rhumbline Advisers purchased a new stake in shares of Skye Bioscience in the second quarter valued at $158,000. Finally, State Street Corp lifted its position in shares of Skye Bioscience by 7.0% in the third quarter. State Street Corp now owns 354,205 shares of the company’s stock valued at $1,385,000 after acquiring an additional 23,201 shares in the last quarter. Institutional investors and hedge funds own 21.09% of the company’s stock.

Insider Transactions at Skye Bioscience

In other news, insider Tuan Tu Diep sold 19,489 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $97,250.11. Following the completion of the sale, the insider now owns 82,259 shares in the company, valued at approximately $410,472.41. This represents a 19.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Kaitlyn Arsenault sold 43,206 shares of the business’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 $215,597.94. Following the transaction, the chief financial officer now directly owns 166,342 shares of the company’s stock, valued at $830,046.58. This represents a 20.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 232,431 shares of company stock valued at $1,160,360 over the last three months. Company insiders own 3.00% of the company’s stock.

Skye Bioscience Price Performance

SKYE opened at $2.82 on Thursday. The stock’s fifty day moving average is $2.89 and its 200-day moving average is $4.00. Skye Bioscience, Inc. has a one year low of $2.25 and a one year high of $19.41.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SKYE. Piper Sandler reiterated an “overweight” rating and set a $20.00 target price on shares of Skye Bioscience in a research report on Friday, September 20th. Cantor Fitzgerald reissued an “overweight” rating and issued a $14.00 price target on shares of Skye Bioscience in a report on Friday, September 20th. Finally, 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. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $18.67.

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.