Altium Capital Management LLC Sells 234,135 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE)

Key Points

• Altium Capital Management LLC reduced its stake in Skye Bioscience by 20.6%, owning now 904,865 shares, making up about 3.5% of its investment portfolio.
• Skye Bioscience's stock is rated as a buy by six research analysts, with a consensus price target of $16.60.
• Following its latest earnings report, Skye Bioscience posted an EPS of ($0.44), missing analysts' expectations by $0.10.

Altium Capital Management LLC cut its holdings in shares of Skye Bioscience, Inc. (NASDAQ:SKYE - Free Report) by 20.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 904,865 shares of the company's stock after selling 234,135 shares during the quarter. Skye Bioscience comprises approximately 3.5% of Altium Capital Management LLC's investment portfolio, making the stock its 9th biggest position. Altium Capital Management LLC owned 2.92% of Skye Bioscience worth $1,439,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Nuveen LLC acquired a new position in Skye Bioscience during the 1st quarter worth about $37,000. Capital Advisors Wealth Management LLC acquired a new position in Skye Bioscience during the 1st quarter worth about $33,000. Squarepoint Ops LLC acquired a new position in Skye Bioscience during the 4th quarter worth about $38,000. Two Sigma Advisers LP acquired a new position in Skye Bioscience during the 4th quarter worth about $32,000. Finally, Deutsche Bank AG lifted its stake in Skye Bioscience by 365.0% during the 4th quarter. Deutsche Bank AG now owns 40,835 shares of the company's stock worth $116,000 after acquiring an additional 32,054 shares in the last quarter. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. JMP Securities reaffirmed a "market outperform" rating and issued a $15.00 price target on shares of Skye Bioscience in a research report on Tuesday, June 24th. Evercore ISI raised Skye Bioscience to a "strong-buy" rating in a research report on Friday. Finally, William Blair reaffirmed an "outperform" rating on shares of Skye Bioscience in a research report on Tuesday, May 20th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $15.50.

Skye Bioscience Stock Up 7.3%

SKYE traded up $0.24 during trading on Friday, hitting $3.51. 394,378 shares of the stock were exchanged, compared to its average volume of 349,716. The firm has a market capitalization of $108.77 million, a P/E ratio of -3.31 and a beta of 2.21. Skye Bioscience, Inc. has a 1-year low of $1.14 and a 1-year high of $7.47. The stock has a fifty day moving average price of $3.55 and a two-hundred day moving average price of $2.51.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.10). Analysts predict that Skye Bioscience, Inc. will post -1.04 EPS for the current 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.