Deutsche Bank AG Purchases 32,054 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE)

Deutsche Bank AG increased its stake in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) by 365.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,835 shares of the company’s stock after buying an additional 32,054 shares during the quarter. Deutsche Bank AG owned 0.13% of Skye Bioscience worth $116,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of SKYE. Braidwell LP acquired a new stake in shares of Skye Bioscience in the 4th quarter valued at $2,337,000. Schonfeld Strategic Advisors LLC lifted its holdings in shares of Skye Bioscience by 48.3% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 1,422,741 shares of the company’s stock valued at $4,026,000 after purchasing an additional 463,644 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of Skye Bioscience by 195.5% in the fourth quarter. Jane Street Group LLC now owns 36,057 shares of the company’s stock valued at $102,000 after purchasing an additional 23,857 shares in the last quarter. Geode Capital Management LLC increased its position in shares of 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 acquiring an additional 19,901 shares during the last quarter. Finally, Baker BROS. Advisors LP increased its position in shares of Skye Bioscience by 1.1% in the fourth 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. Institutional investors own 21.09% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. William Blair restated an “outperform” rating on shares of Skye Bioscience in a research note on Tuesday, May 20th. Craig Hallum reduced their target price on Skye Bioscience from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, March 21st. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $16.60.

Skye Bioscience Stock Up 2.2%

Shares of NASDAQ:SKYE opened at $2.29 on Wednesday. The firm has a market cap of $70.93 million, a P/E ratio of -2.79 and a beta of 1.74. Skye Bioscience, Inc. has a 12-month low of $1.14 and a 12-month high of $12.06. The business has a fifty day simple moving average of $2.02 and a 200 day simple moving average of $1.99.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.03. As a group, equities research analysts expect 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.