Skye Bioscience, Inc. (NASDAQ:SKYE) Shares Acquired by Baker BROS. Advisors LP

Baker BROS. Advisors LP increased its position in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) by 186.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,434,634 shares of the company’s stock after acquiring an additional 934,634 shares during the quarter. Baker BROS. Advisors LP owned approximately 4.73% of Skye Bioscience worth $5,609,000 as of its most recent filing with the Securities and Exchange Commission.

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

Insider Activity at Skye Bioscience

In other news, Director Andrew J. Schwab sold 252,500 shares of the firm’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total value of $1,666,500.00. Following the sale, the director now directly owns 66,356 shares in the company, valued at approximately $437,949.60. This trade represents a 79.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 sale, the chief executive officer now directly owns 329,823 shares of the company’s stock, valued at approximately $1,645,816.77. This trade represents a 20.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 498,768 shares of company stock valued at $2,910,713 over the last 90 days. 3.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

Skye Bioscience Price Performance

Shares of SKYE opened at $4.49 on Monday. The firm has a 50-day moving average of $4.93. Skye Bioscience, Inc. has a 1 year low of $1.44 and a 1 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.