Baker BROS. Advisors LP Purchases 934,634 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE)

Baker BROS. Advisors LP increased its position in Skye Bioscience, Inc. (NASDAQ:SKYE - Free Report) by 186.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,434,634 shares of the company's stock after purchasing 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 SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of SKYE. Bank of New York Mellon Corp bought a new stake in shares of Skye Bioscience in the 2nd quarter valued at about $471,000. Rhumbline Advisers bought a new position in Skye Bioscience in the 2nd quarter valued at about $158,000. AdvisorShares Investments LLC bought a new position in Skye Bioscience in the 2nd quarter valued at about $210,000. Logos Global Management LP bought a new position in Skye Bioscience in the 2nd quarter valued at about $10,425,000. Finally, Point72 DIFC Ltd bought a new position in Skye Bioscience in the 2nd quarter valued at about $48,000. 21.09% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Tuan Tu Diep sold 19,489 shares of the firm'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 transaction, the insider now owns 82,259 shares of the company's stock, valued at approximately $410,472.41. This trade represents a 19.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew J. Schwab sold 13,837 shares of the firm's stock in a transaction on Friday, September 13th. The shares were sold at an average price of $6.06, for a total transaction of $83,852.22. Following the transaction, the director now directly owns 66,277 shares of the company's stock, valued at $401,638.62. The trade was a 17.27 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 498,768 shares of company stock worth $2,910,713. Corporate insiders own 3.00% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Cantor Fitzgerald reissued an "overweight" rating and issued a $14.00 price target on shares of Skye Bioscience in a report on Friday, September 20th. JMP Securities assumed coverage on shares of Skye Bioscience in a report on Tuesday, September 10th. They issued an "outperform" rating and a $15.00 price target on the stock. Scotiabank started coverage on shares of Skye Bioscience in a report on Monday, September 30th. They issued a "sector outperform" rating and a $20.00 price target on the stock. Finally, Piper Sandler restated an "overweight" rating and set a $20.00 target price on shares of Skye Bioscience in a research report on Friday, September 20th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $18.67.

Skye Bioscience Stock Down 4.7 %

Shares of NASDAQ:SKYE traded down $0.21 on Monday, reaching $4.28. 93,865 shares of the company's stock were exchanged, compared to its average volume of 177,002. The company's fifty day moving average price is $4.93. Skye Bioscience, Inc. has a twelve month low of $1.73 and a twelve month high of $19.41.

Skye Bioscience 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.