Perceptive Advisors LLC Makes New Investment in Skye Bioscience, Inc. (NASDAQ:SKYE)

Perceptive Advisors LLC purchased a new position in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 500,000 shares of the company’s stock, valued at approximately $4,005,000. Perceptive Advisors LLC owned approximately 1.78% of Skye Bioscience as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Logos Global Management LP bought a new stake in shares of Skye Bioscience in the second quarter worth about $10,425,000. CVI Holdings LLC bought a new stake in Skye Bioscience during the 2nd quarter worth approximately $5,445,000. AdvisorShares Investments LLC acquired a new stake in Skye Bioscience during the 2nd quarter worth approximately $210,000. Bank of New York Mellon Corp bought a new position in Skye Bioscience in the second quarter valued at approximately $471,000. Finally, Rhumbline Advisers acquired a new position in shares of Skye Bioscience in the second quarter valued at approximately $158,000. Institutional investors and hedge funds own 21.09% of the company’s stock.

Skye Bioscience Price Performance

Shares of NASDAQ:SKYE opened at $3.75 on Monday. Skye Bioscience, Inc. has a 52-week low of $1.44 and a 52-week high of $19.41. The firm has a 50-day moving average price of $5.50.

Skye Bioscience (NASDAQ:SKYE) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.20). On average, sell-side analysts expect that Skye Bioscience, Inc. will post -1.06 EPS for the current year.

Insider Activity

In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.06, for a total value of $83,852.22. Following the transaction, the director now directly owns 66,277 shares of the company’s stock, valued at approximately $401,638.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $6.06, for a total transaction of $83,852.22. Following the transaction, the director now owns 66,277 shares in the company, valued at approximately $401,638.62. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Andrew J. Schwab sold 252,500 shares of Skye Bioscience stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the completion of the sale, the director now owns 66,356 shares of the company’s stock, valued at $437,949.60. The disclosure for this sale can be found here. Insiders own 0.73% of the company’s stock.

Analysts Set New Price Targets

SKYE has been the subject of a number of research analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 target price on shares of Skye Bioscience in a research note on Friday, September 20th. Craig Hallum initiated coverage on Skye Bioscience in a report on Tuesday, July 9th. They set a “buy” rating and a $18.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a research report on Friday, September 20th. Finally, JMP Securities assumed coverage on shares of Skye Bioscience in a research note on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price target for the company. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $18.40.

Skye Bioscience Company 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.