Skye Bioscience (NASDAQ:SKYE) Now Covered by Analysts at William Blair

Equities research analysts at William Blair started coverage on shares of Skye Bioscience (NASDAQ:SKYE) in a research report issued on Friday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating on the stock.

Skye Bioscience Price Performance

Shares of NASDAQ SKYE opened at $2.68 on Friday. The business’s 50-day simple moving average is $3.02 and its 200-day simple moving average is $3.17. Skye Bioscience has a 52 week low of $2.31 and a 52 week high of $19.41.

Hedge Funds Weigh In On Skye Bioscience

A number of institutional investors have recently made changes to their positions in SKYE. BNP Paribas Financial Markets increased its position in Skye Bioscience by 71.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock worth $185,000 after buying an additional 19,704 shares during the period. Baker BROS. Advisors LP grew its holdings in shares of Skye Bioscience by 186.9% during the 3rd quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock worth $5,609,000 after purchasing an additional 934,634 shares in the last quarter. State Street Corp lifted its stake in Skye Bioscience by 7.0% during the third quarter. State Street Corp now owns 354,205 shares of the company’s stock worth $1,385,000 after purchasing an additional 23,201 shares during the period. Sphera Funds Management LTD. increased its holdings in Skye Bioscience by 20.4% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock valued at $6,113,000 after purchasing an additional 265,210 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of Skye Bioscience in the third quarter valued at approximately $48,000. 21.09% of the stock is currently owned by institutional investors.

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.