Sphera Funds Management LTD. Raises Stake in Skye Bioscience, Inc. (NASDAQ:SKYE)

Sphera Funds Management LTD. raised its stake in Skye Bioscience, Inc. (NASDAQ:SKYE) by 20.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,563,522 shares of the company’s stock after buying an additional 265,210 shares during the quarter. Sphera Funds Management LTD. owned approximately 0.05% of Skye Bioscience worth $6,113,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in SKYE. Bank of New York Mellon Corp purchased a new stake in Skye Bioscience in the 2nd quarter valued at $471,000. Rhumbline Advisers purchased a new stake in Skye Bioscience in the 2nd quarter valued at $158,000. AdvisorShares Investments LLC purchased a new stake in Skye Bioscience in the 2nd quarter valued at $210,000. Logos Global Management LP purchased a new position in shares of Skye Bioscience during the 2nd quarter worth $10,425,000. Finally, Point72 DIFC Ltd purchased a new position in shares of Skye Bioscience during the 2nd quarter worth $48,000. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

Skye Bioscience Price Performance

SKYE opened at $3.85 on Thursday. The stock’s 50-day moving average price is $4.81 and its 200 day moving average price is $4.86. Skye Bioscience, Inc. has a 12-month low of $2.25 and a 12-month high of $19.41.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SKYE. JMP Securities began coverage on Skye Bioscience in a report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price target for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a report on Friday, September 20th. Scotiabank began coverage on Skye Bioscience in a report on Monday, September 30th. They set a “sector outperform” rating and a $20.00 price target for the company. Finally, Piper Sandler reiterated an “overweight” rating and set a $20.00 price target on shares of Skye Bioscience in a report on Friday, September 20th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $18.67.

Insider Buying and Selling

In other Skye Bioscience news, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $6.60, for a total value of $1,666,500.00. Following the sale, the director now owns 66,356 shares of the company’s stock, valued at $437,949.60. This trade represents a 79.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Punit Dhillon sold 82,546 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $411,904.54. Following the completion of the sale, the chief executive officer now directly owns 329,823 shares in the company, valued at $1,645,816.77. This represents a 20.02 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 498,768 shares of company stock valued at $2,910,713. Corporate insiders own 3.00% of the company’s stock.

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.