Platinum Investment Management Ltd. Sells 51,153 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE)

Platinum Investment Management Ltd. trimmed its holdings in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) by 10.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 434,046 shares of the company’s stock after selling 51,153 shares during the period. Platinum Investment Management Ltd. owned approximately 1.43% of Skye Bioscience worth $1,228,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SKYE. Jane Street Group LLC bought a new position in shares of Skye Bioscience during the 3rd quarter worth about $48,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Skye Bioscience by 20.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company’s stock worth $176,000 after acquiring an additional 10,707 shares during the period. BNP Paribas Financial Markets lifted its holdings in Skye Bioscience by 71.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock valued at $185,000 after purchasing an additional 19,704 shares during the last quarter. Barclays PLC lifted its holdings in Skye Bioscience by 36.7% during the 3rd quarter. Barclays PLC now owns 57,889 shares of the company’s stock valued at $226,000 after purchasing an additional 15,551 shares during the last quarter. Finally, State Street Corp lifted its holdings in Skye Bioscience by 7.0% during the 3rd quarter. State Street Corp now owns 354,205 shares of the company’s stock valued at $1,385,000 after purchasing an additional 23,201 shares during the last quarter. 21.09% of the stock is owned by institutional investors.

Skye Bioscience Stock Performance

SKYE opened at $2.29 on Wednesday. Skye Bioscience, Inc. has a 1-year low of $2.27 and a 1-year high of $17.65. The firm has a 50-day moving average price of $2.78 and a two-hundred day moving average price of $2.89.

Analyst Ratings Changes

Separately, William Blair started coverage on shares of Skye Bioscience in a report on Friday, February 28th. They set an “outperform” rating for the company. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $18.67.

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.