Skye Bioscience (NASDAQ:SKYE) Coverage Initiated at William Blair

Analysts at William Blair started coverage on shares of Skye Bioscience (NASDAQ:SKYE) in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The firm set an “outperform” rating on the stock.

Skye Bioscience Stock Performance

NASDAQ:SKYE opened at $2.85 on Friday. Skye Bioscience has a one year low of $2.31 and a one year high of $19.41. The business has a fifty day moving average price of $3.02 and a 200-day moving average price of $3.14.

Institutional Trading of Skye Bioscience

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN lifted its holdings in Skye Bioscience by 49.0% in the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock worth $32,000 after purchasing an additional 3,684 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Skye Bioscience during the fourth quarter worth $29,000. Bank of America Corp DE grew its stake in Skye Bioscience by 37.4% during the fourth quarter. Bank of America Corp DE now owns 39,257 shares of the company’s stock valued at $111,000 after acquiring an additional 10,696 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Skye Bioscience by 20.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company’s stock valued at $176,000 after acquiring an additional 10,707 shares during the last quarter. Finally, Two Sigma Advisers LP purchased a new stake in Skye Bioscience in the 4th quarter worth $32,000. 21.09% of the stock is owned by hedge funds and other institutional investors.

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.