Jane Street Group LLC Invests $48,000 in Skye Bioscience, Inc. (NASDAQ:SKYE)

Jane Street Group LLC acquired a new stake in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 12,200 shares of the company’s stock, valued at approximately $48,000.

Several other institutional investors have also bought and sold shares of the business. Cubist Systematic Strategies LLC bought a new stake in shares of Skye Bioscience in the 2nd quarter worth about $30,000. Point72 DIFC Ltd purchased a new position in shares of Skye Bioscience in the 2nd quarter worth approximately $48,000. Rhumbline Advisers purchased a new stake in Skye Bioscience during the 2nd quarter worth approximately $158,000. BNP Paribas Financial Markets grew its position in Skye Bioscience by 71.1% during the 3rd 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, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Skye Bioscience during the 2nd quarter valued at approximately $222,000. Institutional investors own 21.09% of the company’s stock.

Skye Bioscience Stock Performance

Shares of SKYE opened at $2.82 on Thursday. The company’s 50 day simple moving average is $2.89 and its 200-day simple moving average is $4.00. Skye Bioscience, Inc. has a 12-month low of $2.25 and a 12-month high of $19.41.

Insider Buying and Selling

In other news, insider Tuan Tu Diep sold 19,489 shares of Skye Bioscience stock in a transaction on 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 transaction, the insider now owns 82,259 shares of the company’s stock, valued at $410,472.41. The trade was a 19.15 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Kaitlyn Arsenault sold 43,206 shares of Skye Bioscience stock in a transaction on 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 trade represents a 20.62 % 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 three months. 3.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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