Jane Street Group LLC Buys Shares of 12,200 Skye Bioscience, Inc. (NASDAQ:SKYE)

Jane Street Group LLC bought a new stake in Skye Bioscience, Inc. (NASDAQ:SKYE) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 12,200 shares of the company’s stock, valued at approximately $48,000.

A number of other institutional investors also recently made changes to their positions in the business. BNP Paribas Financial Markets increased its position in Skye Bioscience by 71.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock valued at $185,000 after acquiring an additional 19,704 shares during the period. Perceptive Advisors LLC bought a new stake in Skye Bioscience during the 2nd quarter valued at $4,005,000. Baker BROS. Advisors LP raised its stake in Skye Bioscience by 186.9% during the 3rd quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock valued at $5,609,000 after acquiring an additional 934,634 shares in the last quarter. State Street Corp raised its stake in Skye Bioscience by 7.0% during the 3rd quarter. State Street Corp now owns 354,205 shares of the company’s stock valued at $1,385,000 after acquiring an additional 23,201 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in Skye Bioscience during the 2nd quarter valued at $4,486,000. 21.09% of the stock is owned by institutional investors and hedge funds.

Skye Bioscience Stock Up 3.3 %

Shares of Skye Bioscience stock opened at $2.82 on Thursday. The stock’s fifty day moving average is $2.89 and its 200-day moving average is $4.00. Skye Bioscience, Inc. has a 12-month low of $2.25 and a 12-month high of $19.41.

Insider Transactions at Skye Bioscience

In other Skye Bioscience news, insider Tuan Tu Diep sold 19,489 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $97,250.11. Following the transaction, the insider now owns 82,259 shares in the company, valued at $410,472.41. The trade was a 19.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Kaitlyn Arsenault sold 43,206 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $215,597.94. Following the completion of the transaction, the chief financial officer now owns 166,342 shares in the company, valued at $830,046.58. This trade represents a 20.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 232,431 shares of company stock valued at $1,160,360 over the last three months. Company insiders own 3.00% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on SKYE. Scotiabank began coverage on Skye Bioscience in a research note on Monday, September 30th. They issued a “sector outperform” rating and a $20.00 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $14.00 price objective on shares of Skye Bioscience in a research note on Friday, September 20th. Finally, Piper Sandler reissued an “overweight” rating and issued a $20.00 price objective on shares of Skye Bioscience in a research note on Friday, September 20th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $18.67.

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.