Skye Bioscience’s (SKYE) “Outperform” Rating Reiterated at William Blair

Skye Bioscience (NASDAQ:SKYE)‘s stock had its “outperform” rating reissued by research analysts at William Blair in a research report issued on Friday,RTT News reports.

Skye Bioscience Stock Performance

NASDAQ SKYE traded up $0.12 on Friday, reaching $2.01. The stock had a trading volume of 313,487 shares, compared to its average volume of 210,797. The firm has a fifty day moving average of $2.69 and a two-hundred day moving average of $2.84. Skye Bioscience has a 1-year low of $1.83 and a 1-year high of $17.65.

Skye Bioscience (NASDAQ:SKYE) last issued its quarterly earnings data on Thursday, March 20th. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.06. During the same period last year, the business earned ($0.36) earnings per share. On average, equities analysts forecast that Skye Bioscience will post -1.04 EPS for the current year.

Institutional Trading of Skye Bioscience

A number of institutional investors have recently modified their holdings of the stock. Sphera Funds Management LTD. lifted its position in shares of Skye Bioscience by 20.4% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock valued at $6,113,000 after acquiring an additional 265,210 shares during the period. Baker BROS. Advisors LP lifted its position in shares of Skye Bioscience by 1.1% during the 4th 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 period. Schonfeld Strategic Advisors LLC lifted its position in shares of Skye Bioscience by 48.3% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 1,422,741 shares of the company’s stock valued at $4,026,000 after acquiring an additional 463,644 shares during the period. Braidwell LP bought a new stake in shares of Skye Bioscience during the 4th quarter valued at $2,337,000. Finally, Geode Capital Management LLC lifted its position in shares of Skye Bioscience by 5.2% during the 4th 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 period. 21.09% of the stock is currently owned by institutional investors.

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.