Skye Bioscience (NASDAQ:SKYE) Stock Price Down 2% – Here’s Why

Skye Bioscience, Inc. (NASDAQ:SKYE) fell 2% on Thursday . The company traded as low as $2.63 and last traded at $2.68. 61,166 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 219,787 shares. The stock had previously closed at $2.73.

Analyst Ratings Changes

Separately, William Blair initiated coverage on Skye Bioscience in a research note on Friday. They set an “outperform” rating on the stock. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $18.67.

Skye Bioscience Trading Up 1.6 %

The business has a 50 day simple moving average of $3.02 and a two-hundred day simple moving average of $3.17.

Institutional Trading of Skye Bioscience

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Squarepoint Ops LLC purchased a new position in shares of Skye Bioscience during the 4th quarter worth about $38,000. Two Sigma Advisers LP acquired a new position in Skye Bioscience during the fourth quarter worth approximately $32,000. Deutsche Bank AG raised its stake in Skye Bioscience by 365.0% during the fourth quarter. Deutsche Bank AG now owns 40,835 shares of the company’s stock worth $116,000 after purchasing an additional 32,054 shares during the period. Bridgeway Capital Management LLC boosted its holdings in shares of Skye Bioscience by 26.3% in the 4th quarter. Bridgeway Capital Management LLC now owns 72,000 shares of the company’s stock valued at $204,000 after purchasing an additional 15,000 shares during the last quarter. Finally, Braidwell LP purchased a new stake in shares of Skye Bioscience during the 4th quarter valued at $2,337,000. Hedge funds and other institutional investors own 21.09% 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.