BNP Paribas Financial Markets Has $185,000 Stake in Skye Bioscience, Inc. (NASDAQ:SKYE)

BNP Paribas Financial Markets boosted its stake in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) by 71.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,417 shares of the company’s stock after purchasing an additional 19,704 shares during the quarter. BNP Paribas Financial Markets’ holdings in Skye Bioscience were worth $185,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in SKYE. Cubist Systematic Strategies LLC acquired a new stake in Skye Bioscience during the second quarter worth about $30,000. Point72 DIFC Ltd acquired a new stake in shares of Skye Bioscience during the second quarter worth $48,000. Rhumbline Advisers bought a new stake in shares of Skye Bioscience during the 2nd quarter valued at about $158,000. AdvisorShares Investments LLC acquired a new position in shares of Skye Bioscience during the 2nd quarter valued at $210,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Skye Bioscience in the 2nd quarter valued at about $222,000. Institutional investors own 21.09% of the company’s stock.

Skye Bioscience Stock Performance

SKYE stock opened at $3.25 on Wednesday. Skye Bioscience, Inc. has a 1 year low of $2.25 and a 1 year high of $19.41. The stock’s fifty day moving average price is $4.12 and its 200-day moving average price is $4.54.

Insider Activity

In related news, insider Tuan Tu Diep sold 19,489 shares of the stock in a transaction that occurred 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 filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul A. Grayson sold 86,244 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $430,357.56. Following the completion of the sale, the director now directly owns 259,701 shares of the company’s stock, valued at $1,295,907.99. The trade was a 24.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 232,431 shares of company stock valued at $1,160,360 in the last ninety days. Corporate insiders own 3.00% of the company’s stock.

Wall Street Analyst Weigh In

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

Skye Bioscience 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.