Skye Bioscience, Inc. (NASDAQ:SKYE) Shares Bought by BNP Paribas Financial Markets

BNP Paribas Financial Markets grew its stake in Skye Bioscience, Inc. (NASDAQ:SKYE) by 71.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 47,417 shares of the company’s stock after buying an additional 19,704 shares during the period. BNP Paribas Financial Markets owned 0.16% of Skye Bioscience worth $185,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of SKYE. Logos Global Management LP acquired a new position in shares of Skye Bioscience during the second quarter worth about $10,425,000. CVI Holdings LLC purchased a new stake in Skye Bioscience during the 2nd quarter worth about $5,445,000. Driehaus Capital Management LLC purchased a new stake in Skye Bioscience in the 2nd quarter worth approximately $5,213,000. Point72 Asset Management L.P. acquired a new stake in Skye Bioscience in the 2nd quarter worth about $4,486,000. Finally, Perceptive Advisors LLC purchased a new position in Skye Bioscience during the second quarter worth approximately $4,005,000. 21.09% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Skye Bioscience

In other news, insider Tuan Tu Diep sold 19,489 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $97,250.11. Following the completion of the sale, the insider now directly owns 82,259 shares of the company’s stock, valued at $410,472.41. This represents a 19.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Punit Dhillon sold 82,546 shares of Skye Bioscience stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $411,904.54. Following the transaction, the chief executive officer now directly owns 329,823 shares in the company, valued at approximately $1,645,816.77. This represents a 20.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 232,431 shares of company stock valued at $1,160,360. 3.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SKYE. Scotiabank started coverage on shares of Skye Bioscience in a research note on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 target price on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. Piper Sandler reaffirmed an “overweight” rating and set a $20.00 target price on shares of Skye Bioscience in a report on Friday, September 20th. Finally, JMP Securities assumed coverage on shares of Skye Bioscience in a research note on Tuesday, September 10th. They set an “outperform” rating and a $15.00 target price for the company. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $18.67.

Skye Bioscience Stock Performance

Shares of SKYE opened at $3.25 on Wednesday. The stock’s 50-day moving average price is $4.12 and its 200 day moving average price is $4.54. Skye Bioscience, Inc. has a 12-month low of $2.25 and a 12-month high of $19.41.

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.