Cubist Systematic Strategies LLC Takes $30,000 Position in Skye Bioscience, Inc. (NASDAQ:SKYE)

Cubist Systematic Strategies LLC bought a new position in Skye Bioscience, Inc. (NASDAQ:SKYE) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 3,762 shares of the company’s stock, valued at approximately $30,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Point72 DIFC Ltd acquired a new stake in Skye Bioscience during the 2nd quarter worth about $48,000. Rhumbline Advisers purchased a new stake in shares of Skye Bioscience in the second quarter worth approximately $158,000. AdvisorShares Investments LLC acquired a new stake in shares of Skye Bioscience during the second quarter worth approximately $210,000. Bank of New York Mellon Corp purchased a new position in Skye Bioscience during the second quarter valued at approximately $471,000. Finally, Logos Global Management LP acquired a new position in Skye Bioscience in the 2nd quarter valued at approximately $10,425,000. Hedge funds and other institutional investors own 21.09% of the company’s stock.

Insider Transactions at Skye Bioscience

In related news, Director Andrew J. Schwab sold 13,837 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $6.06, for a total value of $83,852.22. Following the transaction, the director now directly owns 66,277 shares in the company, valued at approximately $401,638.62. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of the business’s stock in a transaction 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 completion of the transaction, the director now owns 66,277 shares of the company’s stock, valued at $401,638.62. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew J. Schwab sold 252,500 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $437,949.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.73% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a report on Friday, September 20th. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 target price on shares of Skye Bioscience in a research report on Friday, September 20th. JMP Securities initiated coverage on Skye Bioscience in a report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price target for the company. Scotiabank initiated coverage on Skye Bioscience in a research note on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 price target for the company. Finally, Craig Hallum assumed coverage on shares of Skye Bioscience in a research report on Tuesday, July 9th. They set a “buy” rating and a $18.00 price objective on the stock. Six analysts have rated the stock with a buy rating, According to MarketBeat, Skye Bioscience has a consensus rating of “Buy” and an average price target of $18.67.

Skye Bioscience Stock Up 0.8 %

Shares of NASDAQ:SKYE opened at $3.87 on Wednesday. The business has a 50-day moving average of $4.79 and a two-hundred day moving average of $5.48. Skye Bioscience, Inc. has a fifty-two week low of $1.44 and a fifty-two week high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last posted its earnings results on Friday, August 9th. The company reported ($0.20) earnings per share for the quarter, hitting the consensus estimate of ($0.20). On average, equities analysts predict that Skye Bioscience, Inc. will post -1.06 EPS for the current fiscal 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.