Skye Bioscience’s (SKYE) Outperform Rating Reaffirmed at William Blair

William Blair reiterated their outperform rating on shares of Skye Bioscience (NASDAQ:SKYE) in a research note issued to investors on Friday morning,RTT News reports.

Skye Bioscience Stock Up 6.3 %

Shares of NASDAQ:SKYE traded up $0.12 during trading hours on Friday, hitting $2.01. 313,487 shares of the company’s stock traded hands, compared to its average volume of 210,797. Skye Bioscience has a 1 year low of $1.83 and a 1 year high of $17.65. The business has a fifty day moving average price of $2.69 and a 200-day moving average price of $2.84.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings results on Thursday, March 20th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.06. During the same period in the previous year, the business posted ($0.36) earnings per share. On average, equities analysts predict that Skye Bioscience will post -1.04 EPS for the current year.

Institutional Trading of Skye Bioscience

Large investors have recently modified their holdings of the company. BNP Paribas Financial Markets boosted its holdings in shares of Skye Bioscience by 71.1% in the third 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 period. Jane Street Group LLC bought a new position in Skye Bioscience in the third quarter worth approximately $48,000. Geode Capital Management LLC raised its stake in Skye Bioscience by 4.2% in the third quarter. Geode Capital Management LLC now owns 385,793 shares of the company’s stock worth $1,509,000 after buying an additional 15,614 shares in the last quarter. Barclays PLC raised its stake in Skye Bioscience by 36.7% in the third quarter. Barclays PLC now owns 57,889 shares of the company’s stock worth $226,000 after buying an additional 15,551 shares in the last quarter. Finally, Baker BROS. Advisors LP raised its stake in Skye Bioscience by 186.9% in the third quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock worth $5,609,000 after buying an additional 934,634 shares in the last quarter. Hedge funds and other institutional investors own 21.09% of the company’s stock.

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.