Point72 Asset Management L.P. Has $1.63 Million Stake in Skye Bioscience, Inc. (NASDAQ:SKYE)

Point72 Asset Management L.P. decreased its stake in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) by 25.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 416,424 shares of the company’s stock after selling 143,576 shares during the quarter. Point72 Asset Management L.P. owned about 1.37% of Skye Bioscience worth $1,628,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Logos Global Management LP bought a new position in shares of Skye Bioscience in the 2nd quarter worth $10,425,000. Baker BROS. Advisors LP lifted its holdings in shares of Skye Bioscience by 186.9% in the 3rd quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock worth $5,609,000 after purchasing an additional 934,634 shares in the last quarter. CVI Holdings LLC bought a new position in shares of Skye Bioscience in the 2nd quarter worth $5,445,000. Driehaus Capital Management LLC bought a new position in shares of Skye Bioscience in the 2nd quarter worth $5,213,000. Finally, Perceptive Advisors LLC bought a new position in shares of Skye Bioscience in the 2nd quarter worth $4,005,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

Insider Activity

In other news, CFO Kaitlyn Arsenault sold 43,206 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $215,597.94. Following the completion of the sale, the chief financial officer now directly owns 166,342 shares of the company’s stock, valued at $830,046.58. This trade represents a 20.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Andrew J. Schwab sold 13,837 shares of Skye Bioscience stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $6.06, for a total value of $83,852.22. Following the completion of the sale, the director now directly owns 66,277 shares of the company’s stock, valued at approximately $401,638.62. This trade represents a 17.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 246,268 shares of company stock valued at $1,244,213 in the last ninety days. 3.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

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

Skye Bioscience Stock Down 7.6 %

Shares of Skye Bioscience stock opened at $3.65 on Wednesday. Skye Bioscience, Inc. has a 1 year low of $2.25 and a 1 year high of $19.41. The stock has a fifty day moving average price of $4.54 and a 200-day moving average price of $4.72.

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.