Point72 Asset Management L.P. Cuts Position in Skye Bioscience, Inc. (NASDAQ:SKYE)

Point72 Asset Management L.P. cut its stake in Skye Bioscience, Inc. (NASDAQ:SKYE) by 25.6% during the third quarter, according to its most recent 13F filing with the Securities and 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 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Cubist Systematic Strategies LLC purchased a new position in Skye Bioscience during the 2nd quarter worth $30,000. Point72 DIFC Ltd purchased a new position in Skye Bioscience during the 2nd quarter worth $48,000. BNP Paribas Financial Markets grew its stake in Skye Bioscience by 71.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock worth $185,000 after buying an additional 19,704 shares during the last quarter. Rhumbline Advisers purchased a new position in Skye Bioscience during the 2nd quarter worth $158,000. Finally, AdvisorShares Investments LLC purchased a new position in Skye Bioscience during the 2nd quarter worth $210,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on SKYE shares. JMP Securities started coverage on Skye Bioscience in a research note on Tuesday, September 10th. They set an “outperform” rating and a $15.00 target price on the stock. Piper Sandler restated an “overweight” rating and set a $20.00 target price on shares of Skye Bioscience in a research note on Friday, September 20th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. Finally, Scotiabank began coverage on Skye Bioscience in a research report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 price target 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 an average target price of $18.67.

Insider Activity

In other news, Director Andrew J. Schwab sold 13,837 shares of the business’s 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 transaction, the director now owns 66,277 shares of the company’s stock, valued at $401,638.62. The trade was a 17.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Punit Dhillon sold 82,546 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 $411,904.54. Following the completion of the transaction, the chief executive officer now directly owns 329,823 shares of the company’s stock, valued at $1,645,816.77. The trade was a 20.02 % 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 quarter. 3.00% of the stock is currently owned by company insiders.

Skye Bioscience Stock Down 7.6 %

Shares of SKYE opened at $3.65 on Wednesday. The stock has a 50-day moving average of $4.54 and a two-hundred day moving average of $4.72. Skye Bioscience, Inc. has a one year low of $2.25 and a one year 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.