1,301,518 Shares in Skye Bioscience, Inc. (NASDAQ:SKYE) Acquired by Logos Global Management LP

Logos Global Management LP acquired a new position in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 1,301,518 shares of the company’s stock, valued at approximately $10,425,000. Skye Bioscience comprises about 0.8% of Logos Global Management LP’s investment portfolio, making the stock its 29th largest holding. Logos Global Management LP owned 4.64% of Skye Bioscience as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rhumbline Advisers acquired a new position in shares of Skye Bioscience during the 2nd quarter valued at $158,000. AdvisorShares Investments LLC bought a new stake in shares of Skye Bioscience during the 2nd quarter valued at about $210,000. Finally, Bank of New York Mellon Corp bought a new position in Skye Bioscience in the 2nd quarter worth about $471,000. 21.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SKYE has been the subject of several recent research reports. Piper Sandler reissued an “overweight” rating and set a $20.00 target price on shares of Skye Bioscience in a research note on Friday. JMP Securities initiated coverage on shares of Skye Bioscience in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 target price on the stock. Craig Hallum began coverage on Skye Bioscience in a research report on Tuesday, July 9th. They set a “buy” rating and a $18.00 target price on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 price objective on shares of Skye Bioscience in a report on Friday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $18.40.

Skye Bioscience Stock Performance

Skye Bioscience stock opened at $3.49 on Tuesday. The firm has a 50-day moving average of $5.75 and a 200-day moving average of $6.18. Skye Bioscience, Inc. has a one year low of $1.44 and a one year high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last issued its earnings results on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.20). Analysts forecast that Skye Bioscience, Inc. will post -1.06 EPS for the current year.

Insider Buying and Selling at Skye Bioscience

In other news, Director Andrew J. Schwab sold 13,837 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $6.06, for a total transaction of $83,852.22. Following the transaction, the director now directly owns 66,277 shares of the company’s stock, valued at $401,638.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the sale, the director now owns 66,356 shares in the company, valued at approximately $437,949.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Andrew J. Schwab sold 13,837 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $6.06, for a total transaction of $83,852.22. Following the sale, the director now owns 66,277 shares in the company, valued at approximately $401,638.62. The disclosure for this sale can be found here. Insiders own 0.73% of the company’s stock.

Skye Bioscience 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.