Jane Street Group LLC Has $102,000 Stock Position in Skye Bioscience, Inc. (NASDAQ:SKYE)

Jane Street Group LLC increased its holdings in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) by 195.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 36,057 shares of the company’s stock after buying an additional 23,857 shares during the quarter. Jane Street Group LLC owned 0.12% of Skye Bioscience worth $102,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Wells Fargo & Company MN raised its stake in Skye Bioscience by 49.0% during the 4th 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 during the period. Virtu Financial LLC acquired a new stake in Skye Bioscience during the 4th quarter worth $29,000. Charles Schwab Investment Management Inc. raised its stake in Skye Bioscience by 20.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company’s stock worth $176,000 after buying an additional 10,707 shares during the period. Barclays PLC raised its stake in Skye Bioscience by 20.3% during the 4th quarter. Barclays PLC now owns 69,620 shares of the company’s stock worth $198,000 after buying an additional 11,731 shares during the period. Finally, Geode Capital Management LLC raised its stake in Skye Bioscience by 5.2% during the 4th quarter. Geode Capital Management LLC now owns 405,694 shares of the company’s stock worth $1,148,000 after buying an additional 19,901 shares during the period. Institutional investors and hedge funds own 21.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SKYE. William Blair reaffirmed an “outperform” rating on shares of Skye Bioscience in a research note on Tuesday, May 20th. Craig Hallum dropped their price objective on Skye Bioscience from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $16.60.

Skye Bioscience Price Performance

SKYE opened at $2.43 on Friday. The business’s 50-day moving average price is $2.04 and its two-hundred day moving average price is $1.96. Skye Bioscience, Inc. has a 1 year low of $1.14 and a 1 year high of $11.16. The company has a market capitalization of $75.27 million, a price-to-earnings ratio of -2.96 and a beta of 1.69.

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