Ensign Peak Advisors Inc Sells 132,713 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE)

Ensign Peak Advisors Inc lowered its holdings in shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Free Report) by 14.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 767,287 shares of the company's stock after selling 132,713 shares during the period. Ensign Peak Advisors Inc owned approximately 2.53% of Skye Bioscience worth $2,171,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of SKYE. Jane Street Group LLC bought a new stake in Skye Bioscience during the third quarter worth about $48,000. Barclays PLC boosted its stake in Skye Bioscience by 36.7% during the third quarter. Barclays PLC now owns 57,889 shares of the company's stock worth $226,000 after acquiring an additional 15,551 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Skye Bioscience by 20.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company's stock worth $176,000 after acquiring an additional 10,707 shares in the last quarter. Virtu Financial LLC bought a new stake in Skye Bioscience during the fourth quarter worth about $29,000. Finally, Geode Capital Management LLC boosted its stake in Skye Bioscience by 5.2% during the fourth quarter. Geode Capital Management LLC now owns 405,694 shares of the company's stock worth $1,148,000 after acquiring an additional 19,901 shares in the last quarter. Institutional investors own 21.09% of the company's stock.

Skye Bioscience Stock Performance

Shares of Skye Bioscience stock opened at $2.01 on Friday. The stock has a market capitalization of $62.26 million, a PE ratio of -2.45 and a beta of 1.74. Skye Bioscience, Inc. has a 52-week low of $1.14 and a 52-week high of $13.44. The company has a 50-day simple moving average of $1.79 and a two-hundred day simple moving average of $2.17.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.03. As a group, equities research analysts forecast that Skye Bioscience, Inc. will post -1.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SKYE. William Blair reissued an "outperform" rating on shares of Skye Bioscience in a research note on Friday, March 21st. Craig Hallum decreased their target price on shares of Skye Bioscience from $18.00 to $14.00 and set a "buy" rating for the company in a report on Friday, March 21st. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $16.60.

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.

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