Skye Bioscience (NASDAQ:SKYE) Now Covered by William Blair

Research analysts at William Blair initiated coverage on shares of Skye Bioscience (NASDAQ:SKYE) in a research note issued on Friday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating on the stock.

Skye Bioscience Stock Performance

NASDAQ SKYE opened at $2.68 on Friday. The stock’s 50 day moving average price is $3.02 and its two-hundred day moving average price is $3.17. Skye Bioscience has a 52 week low of $2.31 and a 52 week high of $19.41.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SKYE. BNP Paribas Financial Markets lifted its stake 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 purchasing an additional 19,704 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Skye Bioscience in the third quarter valued at about $48,000. Geode Capital Management LLC lifted its stake in shares of Skye Bioscience by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 385,793 shares of the company’s stock worth $1,509,000 after buying an additional 15,614 shares during the last quarter. Barclays PLC raised its holdings in Skye Bioscience by 36.7% in the 3rd quarter. Barclays PLC now owns 57,889 shares of the company’s stock valued at $226,000 after acquiring an additional 15,551 shares during the period. Finally, Baker BROS. Advisors LP lifted its position in Skye Bioscience by 186.9% during 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 during the last quarter. 21.09% of the stock is currently owned by institutional investors.

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.