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

Point72 Asset Management L.P. trimmed its position in shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Free Report) by 25.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 416,424 shares of the company's stock after selling 143,576 shares during the quarter. Point72 Asset Management L.P. owned 1.37% of Skye Bioscience worth $1,628,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp bought a new position in shares of Skye Bioscience during the 2nd quarter valued at about $471,000. Rhumbline Advisers bought a new position in Skye Bioscience in the second quarter valued at approximately $158,000. AdvisorShares Investments LLC bought a new position in Skye Bioscience in the second quarter valued at approximately $210,000. Logos Global Management LP acquired a new position in shares of Skye Bioscience in the second quarter valued at approximately $10,425,000. Finally, Point72 DIFC Ltd bought a new stake in shares of Skye Bioscience during the second quarter worth $48,000. Institutional investors and hedge funds own 21.09% of the company's stock.

Insider Buying and Selling

In related news, insider Tuan Tu Diep sold 19,489 shares of the business's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $97,250.11. Following the transaction, the insider now directly owns 82,259 shares in the company, valued at approximately $410,472.41. The trade was a 19.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Andrew J. Schwab sold 13,837 shares of the company's stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.06, for a total transaction of $83,852.22. Following the sale, the director now directly owns 66,277 shares in the company, valued at $401,638.62. This trade represents a 17.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 246,268 shares of company stock worth $1,244,213. Corporate insiders own 3.00% of the company's stock.

Skye Bioscience Trading Down 0.8 %

Shares of Skye Bioscience stock traded down $0.03 during trading hours on Wednesday, reaching $3.62. 123,100 shares of the company's stock were exchanged, compared to its average volume of 179,693. The company has a 50 day moving average of $4.47 and a two-hundred day moving average of $4.69. Skye Bioscience, Inc. has a fifty-two week low of $2.25 and a fifty-two week high of $19.41.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on SKYE shares. Piper Sandler reaffirmed an "overweight" rating and issued a $20.00 price objective on shares of Skye Bioscience in a research report on Friday, September 20th. Scotiabank began coverage on Skye Bioscience in a report on Monday, September 30th. They issued a "sector outperform" rating and a $20.00 price target on the stock. Cantor Fitzgerald reiterated an "overweight" rating and set a $14.00 price objective on shares of Skye Bioscience in a report on Friday, September 20th. Finally, JMP Securities began coverage on Skye Bioscience in a research report on Tuesday, September 10th. They issued an "outperform" rating and a $15.00 target price on the stock. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price 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.