Geode Capital Management LLC Purchases 15,614 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE)

Geode Capital Management LLC lifted its position in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) by 4.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 385,793 shares of the company’s stock after purchasing an additional 15,614 shares during the quarter. Geode Capital Management LLC’s holdings in Skye Bioscience were worth $1,509,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SKYE. Logos Global Management LP acquired a new stake in Skye Bioscience during the 2nd quarter worth $10,425,000. Baker BROS. Advisors LP increased its holdings 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 acquiring an additional 934,634 shares in the last quarter. CVI Holdings LLC acquired a new stake in shares of Skye Bioscience during the second quarter worth about $5,445,000. Driehaus Capital Management LLC bought a new position in shares of Skye Bioscience during the 2nd quarter valued at about $5,213,000. Finally, Point72 Asset Management L.P. bought a new position in shares of Skye Bioscience during the 2nd quarter valued at about $4,486,000. 21.09% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Tuan Tu Diep sold 19,489 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 transaction of $97,250.11. Following the transaction, the insider now directly owns 82,259 shares in the company, valued at approximately $410,472.41. The trade was a 19.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Punit Dhillon sold 82,546 shares of Skye Bioscience stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.99, for a total transaction of $411,904.54. Following the completion of the transaction, the chief executive officer now directly owns 329,823 shares of the company’s stock, valued at approximately $1,645,816.77. This trade represents a 20.02 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 232,431 shares of company stock worth $1,160,360. Corporate insiders own 3.00% of the company’s stock.

Wall Street Analysts Forecast Growth

SKYE has been the topic of several research analyst reports. Scotiabank initiated coverage on shares of Skye Bioscience in a report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 target price on the stock. Piper Sandler restated an “overweight” rating and set a $20.00 price objective on shares of Skye Bioscience in a report on Friday, September 20th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $14.00 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, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $18.67.

Skye Bioscience Stock Performance

Skye Bioscience stock opened at $3.10 on Thursday. The firm has a 50-day moving average of $3.05 and a 200-day moving average of $4.06. Skye Bioscience, Inc. has a one year low of $2.25 and a one year high of $19.41.

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.