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

Baker BROS. Advisors LP increased its holdings in Skye Bioscience, Inc. (NASDAQ:SKYE) by 186.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,434,634 shares of the company’s stock after buying an additional 934,634 shares during the quarter. Baker BROS. Advisors LP’s holdings in Skye Bioscience were worth $5,609,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SKYE. Logos Global Management LP bought a new stake in shares of Skye Bioscience in the 2nd quarter valued at approximately $10,425,000. CVI Holdings LLC acquired a new stake in Skye Bioscience in the 2nd quarter valued at $5,445,000. Driehaus Capital Management LLC bought a new stake in Skye Bioscience in the second quarter valued at $5,213,000. Point72 Asset Management L.P. acquired a new position in Skye Bioscience during the second quarter worth $4,486,000. Finally, Perceptive Advisors LLC bought a new position in shares of Skye Bioscience during the second quarter valued at $4,005,000. Institutional investors own 21.09% of the company’s stock.

Wall Street Analyst Weigh In

SKYE has been the topic of several analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 target price on shares of Skye Bioscience in a report on Friday, September 20th. Scotiabank assumed coverage on shares of Skye Bioscience in a research note on Monday, September 30th. They set a “sector outperform” rating and a $20.00 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $14.00 target price on shares of Skye Bioscience in a research note on Friday, September 20th. Finally, JMP Securities started coverage on Skye Bioscience in a research report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price target on the stock. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Skye Bioscience presently has an average rating of “Buy” and an average target price of $18.67.

Insider Activity

In other news, Director Andrew J. Schwab sold 252,500 shares of the business’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the completion of the sale, the director now owns 66,356 shares in the company, valued at $437,949.60. The trade was a 79.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 value of $97,250.11. Following the transaction, the insider now directly owns 82,259 shares in the company, valued at $410,472.41. This trade represents a 19.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 498,768 shares of company stock valued at $2,910,713 over the last three months. 3.00% of the stock is owned by insiders.

Skye Bioscience Stock Up 5.4 %

SKYE opened at $4.49 on Monday. Skye Bioscience, Inc. has a 1-year low of $1.44 and a 1-year high of $19.41. The company has a 50-day moving average of $4.93.

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.