Baker BROS. Advisors LP Has $5.61 Million Holdings in Skye Bioscience, Inc. (NASDAQ:SKYE)

Baker BROS. Advisors LP raised its stake in shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Free Report) by 186.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,434,634 shares of the company's stock after buying an additional 934,634 shares during the period. Baker BROS. Advisors LP owned 4.73% of Skye Bioscience worth $5,609,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Cubist Systematic Strategies LLC bought a new position in Skye Bioscience during the second quarter valued at about $30,000. Point72 DIFC Ltd bought a new position in shares of Skye Bioscience in the second quarter worth about $48,000. BNP Paribas Financial Markets increased its stake 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 worth $185,000 after purchasing an additional 19,704 shares during the period. Rhumbline Advisers bought a new position in shares of Skye Bioscience in the second quarter worth about $158,000. Finally, AdvisorShares Investments LLC bought a new position in shares of Skye Bioscience in the second quarter worth about $210,000. 21.09% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SKYE shares. Scotiabank started coverage on Skye Bioscience in a research note on Monday, September 30th. They issued a "sector outperform" rating and a $20.00 price objective on the stock. Piper Sandler reiterated an "overweight" rating and issued a $20.00 price objective on shares of Skye Bioscience in a research note on Friday, September 20th. Cantor Fitzgerald reissued an "overweight" rating and set a $14.00 target price on shares of Skye Bioscience in a research report on Friday, September 20th. Finally, JMP Securities assumed coverage on Skye Bioscience in a research report on Tuesday, September 10th. They set an "outperform" rating and a $15.00 target price on the stock. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Skye Bioscience has an average rating of "Buy" and a consensus price target of $18.67.

Skye Bioscience Trading Down 4.7 %

NASDAQ SKYE traded down $0.21 during trading on Monday, reaching $4.28. 93,865 shares of the company traded hands, compared to its average volume of 177,002. The stock has a 50 day moving average price of $4.93. Skye Bioscience, Inc. has a 1-year low of $1.73 and a 1-year high of $19.41.

Insider Activity

In other Skye Bioscience news, insider Tuan Tu Diep sold 19,489 shares of the company'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 completion of the sale, the insider now owns 82,259 shares in the company, valued at approximately $410,472.41. The trade was a 19.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Andrew J. Schwab sold 252,500 shares of the business's stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the completion of the transaction, the director now directly owns 66,356 shares of the company's stock, valued at $437,949.60. This trade represents a 79.19 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 498,768 shares of company stock worth $2,910,713. Insiders own 3.00% of the company's stock.

About Skye Bioscience

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.