650,758 Shares in Skye Bioscience, Inc. (NASDAQ:SKYE) Bought by Driehaus Capital Management LLC

Driehaus Capital Management LLC purchased a new stake in Skye Bioscience, Inc. (NASDAQ:SKYE) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 650,758 shares of the company’s stock, valued at approximately $5,213,000. Driehaus Capital Management LLC owned approximately 2.32% of Skye Bioscience at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. CVI Holdings LLC acquired a new stake in Skye Bioscience in the second quarter valued at $5,445,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Skye Bioscience in the 2nd quarter valued at about $222,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Skye Bioscience during the 2nd quarter worth about $30,000. Point72 DIFC Ltd purchased a new stake in Skye Bioscience during the second quarter worth approximately $48,000. Finally, Logos Global Management LP purchased a new stake in Skye Bioscience during the second quarter worth approximately $10,425,000. Hedge funds and other institutional investors own 21.09% of the company’s stock.

Insider Buying and Selling

In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of the business’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 sale, the director now directly owns 66,277 shares in the company, valued at approximately $401,638.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Skye Bioscience news, Director Andrew J. Schwab sold 252,500 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 66,356 shares in the company, valued at $437,949.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Andrew J. Schwab sold 13,837 shares of Skye Bioscience stock in a transaction that occurred 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 sale, the director now owns 66,277 shares of the company’s stock, valued at $401,638.62. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have issued reports on SKYE. JMP Securities initiated coverage on shares of Skye Bioscience in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price objective for the company. Piper Sandler reissued an “overweight” rating and issued a $20.00 target price on shares of Skye Bioscience in a report on Friday, September 20th. Cantor Fitzgerald restated an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. Finally, Craig Hallum began coverage on Skye Bioscience in a research note on Tuesday, July 9th. They issued a “buy” rating and a $18.00 price objective for the company. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $18.40.

Skye Bioscience Price Performance

Shares of NASDAQ SKYE opened at $3.75 on Monday. The business’s fifty day moving average is $5.50. Skye Bioscience, Inc. has a 1-year low of $1.44 and a 1-year high of $19.41.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings data on Friday, August 9th. The company reported ($0.20) EPS for the quarter, meeting analysts’ consensus estimates of ($0.20). On average, sell-side analysts predict that Skye Bioscience, Inc. will post -1.06 earnings per share for the current fiscal year.

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.