Skye Bioscience, Inc. (NASDAQ:SKYE) Shares Bought by Schonfeld Strategic Advisors LLC

Schonfeld Strategic Advisors LLC grew its holdings in Skye Bioscience, Inc. (NASDAQ:SKYE - Free Report) by 48.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,422,741 shares of the company's stock after purchasing an additional 463,644 shares during the quarter. Schonfeld Strategic Advisors LLC owned 4.69% of Skye Bioscience worth $4,026,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SKYE. Virtu Financial LLC purchased a new position in Skye Bioscience in the 4th quarter valued at approximately $29,000. Wells Fargo & Company MN raised its stake in shares of Skye Bioscience by 49.0% in the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company's stock valued at $32,000 after acquiring an additional 3,684 shares in the last quarter. Jane Street Group LLC purchased a new position in Skye Bioscience in the third quarter valued at $48,000. Charles Schwab Investment Management Inc. grew its stake in Skye Bioscience by 20.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company's stock worth $176,000 after purchasing an additional 10,707 shares in the last quarter. Finally, Barclays PLC increased its holdings in Skye Bioscience by 20.3% during the 4th quarter. Barclays PLC now owns 69,620 shares of the company's stock worth $198,000 after purchasing an additional 11,731 shares during the period. Institutional investors and hedge funds own 21.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SKYE shares. Craig Hallum lowered their price objective on Skye Bioscience from $18.00 to $14.00 and set a "buy" rating for the company in a research report on Friday, March 21st. William Blair restated an "outperform" rating on shares of Skye Bioscience in a report on Friday, March 21st. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $16.60.

Skye Bioscience Stock Performance

NASDAQ SKYE traded down $0.04 during trading hours on Wednesday, hitting $1.82. The company had a trading volume of 165,546 shares, compared to its average volume of 355,456. The business has a 50 day moving average of $1.64 and a 200-day moving average of $2.28. The company has a market cap of $56.37 million, a PE ratio of -2.53 and a beta of 1.74. Skye Bioscience, Inc. has a 1-year low of $1.14 and a 1-year high of $13.49.

Skye Bioscience (NASDAQ:SKYE - Get Free Report) last released its quarterly earnings results on Thursday, March 20th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.30) by $0.06. During the same period in the previous year, the company posted ($0.36) EPS. Sell-side analysts expect that Skye Bioscience, Inc. will post -1.04 earnings per share for the current fiscal year.

Skye Bioscience 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.