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

Point72 Asset Management L.P. cut its position in Skye Bioscience, Inc. (NASDAQ:SKYE - Free Report) by 25.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC acquired a new stake in shares of Skye Bioscience during the second quarter worth $30,000. Point72 DIFC Ltd bought a new position in Skye Bioscience during the second quarter worth about $48,000. Rhumbline Advisers acquired a new stake in Skye Bioscience in the 2nd quarter worth about $158,000. BNP Paribas Financial Markets boosted its holdings in Skye Bioscience by 71.1% in 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 period. Finally, AdvisorShares Investments LLC acquired a new position in shares of Skye Bioscience during the 2nd quarter worth approximately $210,000. 21.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Insider Activity at Skye Bioscience

In other news, Director Paul A. Grayson sold 86,244 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $430,357.56. Following the completion of the transaction, the director now owns 259,701 shares of the company's stock, valued at approximately $1,295,907.99. This represents a 24.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Punit Dhillon sold 82,546 shares of the firm's stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $411,904.54. Following the completion of the sale, the chief executive officer now owns 329,823 shares in the company, valued at approximately $1,645,816.77. The trade was a 20.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 246,268 shares of company stock valued at $1,244,213 over the last ninety days. 3.00% of the stock is owned by corporate insiders.

Skye Bioscience Trading Down 0.8 %

Shares of SKYE traded down $0.03 during midday trading on Wednesday, hitting $3.62. The company's stock had a trading volume of 123,100 shares, compared to its average volume of 179,693. Skye Bioscience, Inc. has a one year low of $2.25 and a one year high of $19.41. The company's fifty day simple moving average is $4.47 and its two-hundred day simple moving average is $4.69.

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.