State Street Corp Purchases 23,201 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE)

State Street Corp increased its position in Skye Bioscience, Inc. (NASDAQ:SKYE) by 7.0% during the third quarter, Holdings Channel.com reports. The firm owned 354,205 shares of the company’s stock after buying an additional 23,201 shares during the quarter. State Street Corp’s holdings in Skye Bioscience were worth $1,385,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of SKYE. Cubist Systematic Strategies LLC bought a new position in shares of Skye Bioscience in the second quarter valued at $30,000. Point72 DIFC Ltd acquired a new position in Skye Bioscience during the 2nd quarter valued at about $48,000. Rhumbline Advisers bought a new stake in Skye Bioscience during the 2nd quarter worth approximately $158,000. BNP Paribas Financial Markets raised its stake in shares of Skye Bioscience by 71.1% in the third quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock worth $185,000 after purchasing an additional 19,704 shares during the last quarter. Finally, AdvisorShares Investments LLC bought a new position in shares of Skye Bioscience in the second quarter valued at approximately $210,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

Skye Bioscience Trading Up 0.7 %

NASDAQ SKYE opened at $2.85 on Friday. The business’s fifty day moving average is $3.26 and its 200-day moving average is $4.11. Skye Bioscience, Inc. has a one year low of $2.25 and a one year high of $19.41.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Skye Bioscience news, insider Tuan Tu Diep sold 19,489 shares of the stock in a transaction on Monday, November 18th. The stock was 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 directly owns 82,259 shares of the company’s stock, valued at approximately $410,472.41. This represents a 19.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Punit Dhillon sold 82,546 shares of the business’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 $411,904.54. Following the completion of the sale, the chief executive officer now owns 329,823 shares in the company, valued at approximately $1,645,816.77. The trade was a 20.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 232,431 shares of company stock valued at $1,160,360. Company insiders own 3.00% of the company’s stock.

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.