William Blair assumed coverage on shares of Skye Bioscience (NASDAQ:SKYE - Free Report) in a report released on Friday, MarketBeat.com reports. The firm issued an outperform rating on the stock.
Skye Bioscience Price Performance
Shares of NASDAQ:SKYE traded down $0.17 during midday trading on Friday, reaching $2.68. The company's stock had a trading volume of 67,825 shares, compared to its average volume of 172,179. The business has a 50 day moving average of $3.02. Skye Bioscience has a 12-month low of $2.31 and a 12-month high of $19.41.
Institutional Trading of Skye Bioscience
Hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets increased its position in Skye Bioscience by 71.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company's stock valued at $185,000 after buying an additional 19,704 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Skye Bioscience during the third quarter valued at $48,000. Geode Capital Management LLC raised its position in shares of Skye Bioscience by 4.2% in the 3rd quarter. Geode Capital Management LLC now owns 385,793 shares of the company's stock worth $1,509,000 after purchasing an additional 15,614 shares during the last quarter. Barclays PLC boosted its stake in Skye Bioscience by 36.7% in the 3rd quarter. Barclays PLC now owns 57,889 shares of the company's stock worth $226,000 after purchasing an additional 15,551 shares in the last quarter. Finally, Baker BROS. Advisors LP grew its position in Skye Bioscience by 186.9% during the 3rd quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company's stock valued at $5,609,000 after purchasing an additional 934,634 shares during the last quarter. 21.09% of the stock is owned by institutional investors.
About Skye Bioscience
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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.
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