Ensign Peak Advisors Inc Has $2.17 Million Position in Skye Bioscience, Inc. (NASDAQ:SKYE)

Ensign Peak Advisors Inc cut its position in shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Free Report) by 14.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 767,287 shares of the company's stock after selling 132,713 shares during the quarter. Ensign Peak Advisors Inc owned 2.53% of Skye Bioscience worth $2,171,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Virtu Financial LLC bought a new stake in shares of Skye Bioscience in the 4th quarter valued at approximately $29,000. Wells Fargo & Company MN increased its stake in shares of Skye Bioscience by 49.0% during the 4th quarter. Wells Fargo & Company MN now owns 11,199 shares of the company's stock worth $32,000 after purchasing an additional 3,684 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of Skye Bioscience during the 3rd quarter worth $48,000. Bank of America Corp DE raised its holdings in shares of Skye Bioscience by 37.4% during the 4th quarter. Bank of America Corp DE now owns 39,257 shares of the company's stock valued at $111,000 after purchasing an additional 10,696 shares in the last quarter. Finally, Deutsche Bank AG boosted its holdings in Skye Bioscience by 365.0% in the fourth quarter. Deutsche Bank AG now owns 40,835 shares of the company's stock worth $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.

Analyst Ratings Changes

Several research firms have weighed in on SKYE. William Blair restated an "outperform" rating on shares of Skye Bioscience in a report on Tuesday. Craig Hallum cut their price objective on Skye Bioscience from $18.00 to $14.00 and set a "buy" rating on the stock in a research note on Friday, March 21st. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $16.60.

Skye Bioscience Stock Up 3.8%

SKYE stock traded up $0.08 during mid-day trading on Wednesday, reaching $2.05. 44,571 shares of the stock traded hands, compared to its average volume of 361,183. The firm has a market capitalization of $63.34 million, a PE ratio of -2.49 and a beta of 1.74. The business has a 50-day moving average of $1.85 and a two-hundred day moving average of $2.12. Skye Bioscience, Inc. has a 52 week low of $1.14 and a 52 week high of $12.60.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.31) by $0.03. On average, equities research analysts anticipate that Skye Bioscience, Inc. will post -1.04 EPS for the current fiscal year.

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.