Baker BROS. Advisors LP Boosts Holdings in Skye Bioscience, Inc. (NASDAQ:SKYE)

Baker BROS. Advisors LP increased its stake in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) by 186.9% during the 3rd quarter, Holdings Channel.com reports. The fund owned 1,434,634 shares of the company’s stock after purchasing an additional 934,634 shares during the quarter. Baker BROS. Advisors LP’s holdings in Skye Bioscience were worth $5,609,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Perceptive Advisors LLC purchased a new position in shares of Skye Bioscience during the second quarter worth about $4,005,000. Point72 Asset Management L.P. acquired a new stake in shares of Skye Bioscience in the 2nd quarter valued at about $4,486,000. CVI Holdings LLC acquired a new position in Skye Bioscience during the second quarter worth approximately $5,445,000. Logos Global Management LP acquired a new position in Skye Bioscience during the second quarter worth approximately $10,425,000. Finally, Driehaus Capital Management LLC purchased a new stake in Skye Bioscience in the second quarter valued at approximately $5,213,000. 21.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Activity

In other Skye Bioscience news, insider Tuan Tu Diep sold 19,489 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.99, for a total value of $97,250.11. Following the completion of the sale, the insider now owns 82,259 shares of the company’s stock, valued at approximately $410,472.41. This trade represents a 19.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew J. Schwab sold 252,500 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was 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 approximately $437,949.60. This trade represents a 79.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 498,768 shares of company stock valued at $2,910,713 over the last quarter. Corporate insiders own 3.00% of the company’s stock.

Skye Bioscience Stock Performance

Shares of SKYE opened at $4.49 on Monday. Skye Bioscience, Inc. has a 1 year low of $1.44 and a 1 year high of $19.41. The firm has a fifty day moving average price of $4.93.

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.