Skye Bioscience, Inc. (NASDAQ:SKYE) Stake Boosted by Bank of America Corp DE

Bank of America Corp DE grew its stake in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) by 37.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,257 shares of the company’s stock after purchasing an additional 10,696 shares during the quarter. Bank of America Corp DE owned approximately 0.13% of Skye Bioscience worth $111,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. 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 valued at $32,000 after purchasing an additional 3,684 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Skye Bioscience during the fourth quarter valued at approximately $29,000. Charles Schwab Investment Management Inc. grew its holdings in shares of 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 purchasing an additional 10,707 shares during the last quarter. Barclays PLC grew its holdings in shares of Skye Bioscience by 20.3% during the fourth quarter. Barclays PLC now owns 69,620 shares of the company’s stock valued at $198,000 after purchasing an additional 11,731 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Skye Bioscience by 5.2% during 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 last quarter. 21.09% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SKYE has been the subject of several analyst reports. William Blair reiterated an “outperform” rating on shares of Skye Bioscience in a research report on Tuesday, May 20th. Craig Hallum cut their target price on Skye Bioscience from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, March 21st. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Skye Bioscience presently has a consensus rating of “Buy” and a consensus target price of $16.60.

Skye Bioscience Stock Performance

Shares of NASDAQ:SKYE opened at $2.12 on Tuesday. Skye Bioscience, Inc. has a one year low of $1.14 and a one year high of $11.10. The stock has a fifty day moving average of $2.11 and a 200-day moving average of $1.94. The company has a market capitalization of $65.67 million, a PE ratio of -2.59 and a beta of 1.69.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.03. As a group, research analysts forecast that Skye Bioscience, Inc. will post -1.04 EPS for the current fiscal year.

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.