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

William Blair assumed coverage on shares of Skye Bioscience (NASDAQ:SKYE) in a report published on Friday morning,Briefing.com Automated Import reports. The brokerage issued an outperform rating on the stock.

Skye Bioscience Trading Down 3.6 %

Shares of SKYE opened at $2.68 on Friday. Skye Bioscience has a 12 month low of $2.31 and a 12 month high of $19.41. The stock has a fifty day moving average price of $3.02 and a 200-day moving average price of $3.17.

Institutional Trading of Skye Bioscience

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sphera Funds Management LTD. lifted its stake in shares of Skye Bioscience by 20.4% during the third quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock worth $6,113,000 after buying an additional 265,210 shares during the period. Baker BROS. Advisors LP boosted its holdings in shares of Skye Bioscience by 1.1% in the 4th quarter. Baker BROS. Advisors LP now owns 1,450,638 shares of the company’s stock valued at $4,105,000 after acquiring an additional 16,004 shares during the last quarter. Schonfeld Strategic Advisors LLC boosted its holdings in shares of Skye Bioscience by 48.3% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 1,422,741 shares of the company’s stock valued at $4,026,000 after acquiring an additional 463,644 shares during the last quarter. Braidwell LP purchased a new stake in shares of Skye Bioscience in the 4th quarter valued at $2,337,000. Finally, Geode Capital Management LLC increased its holdings in shares of Skye Bioscience by 5.2% during the 4th quarter. Geode Capital Management LLC now owns 405,694 shares of the company’s stock valued at $1,148,000 after purchasing an additional 19,901 shares in the last quarter. Hedge funds and other institutional investors own 21.09% of the company’s stock.

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.