Charles Schwab Investment Management Inc. Grows Stock Position in Skye Bioscience, Inc. (NASDAQ:SKYE)

Charles Schwab Investment Management Inc. raised its position in Skye Bioscience, Inc. (NASDAQ:SKYE) by 20.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,363 shares of the company’s stock after buying an additional 10,707 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.21% of Skye Bioscience worth $176,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Sphera Funds Management LTD. increased its holdings in Skye Bioscience by 20.4% in the 3rd quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock worth $6,113,000 after acquiring an additional 265,210 shares during the last quarter. Geode Capital Management LLC boosted its position in Skye Bioscience by 4.2% during the third quarter. Geode Capital Management LLC now owns 385,793 shares of the company’s stock worth $1,509,000 after purchasing an additional 15,614 shares during the period. State Street Corp increased its stake 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 worth $1,385,000 after purchasing an additional 23,201 shares in the last quarter. Barclays PLC raised its position in shares of 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 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock valued at $185,000 after buying an additional 19,704 shares in the last quarter. Hedge funds and other institutional investors own 21.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. William Blair reiterated an “outperform” rating on shares of Skye Bioscience in a research note on Friday, March 21st. Craig Hallum reduced their price target on Skye Bioscience from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, March 21st. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $18.00.

Skye Bioscience Trading Down 11.9 %

Skye Bioscience stock opened at $1.40 on Wednesday. Skye Bioscience, Inc. has a 1-year low of $1.37 and a 1-year high of $17.65. The firm has a market capitalization of $43.37 million, a PE ratio of -1.94 and a beta of 1.71. The firm’s 50 day simple moving average is $2.36 and its 200 day simple moving average is $2.71.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings results on Thursday, March 20th. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.06. During the same quarter in the prior year, the firm posted ($0.36) earnings per share. Research analysts forecast that Skye Bioscience, Inc. will post -1.04 earnings per share for the current year.

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.