Skye Bioscience, Inc. (NASDAQ:SKYE) Shares Sold by Northern Trust Corp

Northern Trust Corp trimmed its holdings in Skye Bioscience, Inc. (NASDAQ:SKYE) by 3.7% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 135,712 shares of the company’s stock after selling 5,170 shares during the period. Northern Trust Corp owned 0.45% of Skye Bioscience worth $384,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in SKYE. Barclays PLC raised its stake in shares of Skye Bioscience by 20.3% during the fourth 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 last quarter. Wells Fargo & Company MN grew its holdings in shares of Skye Bioscience by 49.0% during the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock worth $32,000 after buying an additional 3,684 shares in the last quarter. Geode Capital Management LLC grew its holdings in Skye Bioscience by 5.2% in the fourth 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 during the period. Virtu Financial LLC purchased a new stake in Skye Bioscience in the fourth quarter valued at approximately $29,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Skye Bioscience by 20.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company’s stock valued at $176,000 after buying an additional 10,707 shares in the last quarter. 21.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. William Blair reissued an “outperform” rating on shares of Skye Bioscience in a research report on Tuesday, May 20th. Craig Hallum lowered their target price on shares of Skye Bioscience from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $16.60.

Skye Bioscience Stock Down 6.6%

SKYE stock opened at $1.98 on Friday. Skye Bioscience, Inc. has a fifty-two week low of $1.14 and a fifty-two week high of $12.11. The company has a market capitalization of $61.33 million, a P/E ratio of -2.41 and a beta of 1.74. The company has a 50-day simple moving average of $1.99 and a 200 day simple moving average of $2.00.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.03. Equities analysts anticipate that Skye Bioscience, Inc. will post -1.04 EPS for the current 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.