Skye Bioscience, Inc. (NASDAQ:SKYE - Get Free Report) shares were down 2% during trading on Thursday . The company traded as low as $2.63 and last traded at $2.68. Approximately 61,166 shares changed hands during trading, a decline of 72% from the average daily volume of 219,787 shares. The stock had previously closed at $2.73.
Wall Street Analyst Weigh In
Separately, William Blair began coverage on Skye Bioscience in a report on Friday. They issued an "outperform" rating on the stock. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $18.67.
Check Out Our Latest Analysis on Skye Bioscience
Skye Bioscience Trading Down 12.0 %
The business has a 50-day simple moving average of $3.02.
Institutional Trading of Skye Bioscience
Several hedge funds and other institutional investors have recently bought and sold shares of SKYE. Baker BROS. Advisors LP increased its stake in shares of Skye Bioscience by 186.9% in the third quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company's stock worth $5,609,000 after buying an additional 934,634 shares during the period. Braidwell LP purchased a new stake in shares of Skye Bioscience during the fourth quarter worth about $2,337,000. Schonfeld Strategic Advisors LLC grew its stake in shares of Skye Bioscience by 48.3% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 1,422,741 shares of the company's stock worth $4,026,000 after purchasing an additional 463,644 shares during the last quarter. Sphera Funds Management LTD. increased its holdings in Skye Bioscience by 20.4% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company's stock valued at $6,113,000 after purchasing an additional 265,210 shares during the period. Finally, Deutsche Bank AG raised its position in Skye Bioscience by 365.0% during the 4th quarter. Deutsche Bank AG now owns 40,835 shares of the company's stock valued at $116,000 after purchasing an additional 32,054 shares during the last quarter. Institutional investors own 21.09% of the company's stock.
About Skye Bioscience
(
Get Free Report)
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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