Skye Bioscience (NASDAQ:SKYE) Trading Down 2% – Here’s Why

Skye Bioscience, Inc. (NASDAQ:SKYE) shares traded down 2% during mid-day trading on Thursday . The stock traded as low as $2.63 and last traded at $2.68. Approximately 61,166 shares traded hands during trading, a decline of 72% from the average daily volume of 219,787 shares. The stock had previously closed at $2.73.

Wall Street Analyst Weigh In

Separately, William Blair initiated coverage on Skye Bioscience in a research note on Friday. They set an “outperform” rating on the stock. Seven investment 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 target price of $18.67.

Skye Bioscience Trading Up 1.6 %

The company has a 50-day moving average of $3.02 and a 200-day moving average of $3.17.

Institutional Investors Weigh In On Skye Bioscience

Several large investors have recently modified their holdings of SKYE. Baker BROS. Advisors LP lifted its position in Skye Bioscience by 186.9% in 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. Braidwell LP purchased a new position in Skye Bioscience in the fourth quarter worth $2,337,000. Schonfeld Strategic Advisors LLC grew its position in Skye Bioscience by 48.3% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 1,422,741 shares of the company’s stock worth $4,026,000 after acquiring an additional 463,644 shares in the last quarter. Sphera Funds Management LTD. increased its stake in Skye Bioscience by 20.4% in the third quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock valued at $6,113,000 after acquiring an additional 265,210 shares during the last quarter. Finally, Deutsche Bank AG raised its position in Skye Bioscience by 365.0% during the fourth quarter. Deutsche Bank AG now owns 40,835 shares of the company’s stock valued at $116,000 after purchasing an additional 32,054 shares in the last quarter. 21.09% of the stock is currently owned by institutional investors and hedge funds.

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.