Skye Bioscience (NASDAQ:SKYE) Research Coverage Started at William Blair

William Blair assumed coverage on shares of Skye Bioscience (NASDAQ:SKYE) in a research report sent to investors on Friday, MarketBeat reports. The brokerage issued an outperform rating on the stock.

Skye Bioscience Stock Up 6.3 %

Shares of SKYE opened at $2.85 on Friday. The stock has a 50-day moving average of $3.02 and a two-hundred day moving average of $3.14. Skye Bioscience has a one year low of $2.31 and a one year high of $19.41.

Hedge Funds Weigh In On Skye Bioscience

Several hedge funds and other institutional investors have recently bought and sold shares of SKYE. Virtu Financial LLC acquired a new stake in Skye Bioscience during the 4th quarter valued at approximately $29,000. Wells Fargo & Company MN raised its holdings in shares of Skye Bioscience by 49.0% during the fourth 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 during the last quarter. Two Sigma Advisers LP purchased a new position in shares of Skye Bioscience during the fourth quarter worth $32,000. Jane Street Group LLC acquired a new position in Skye Bioscience during the third quarter valued at $48,000. Finally, Squarepoint Ops LLC purchased a new stake in Skye Bioscience in the fourth quarter valued at $38,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

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.