Rhumbline Advisers Takes a Position in Skye Bioscience, Inc. (NASDAQ:SKYE)

Rhumbline Advisers purchased a new position in Skye Bioscience, Inc. in the second quarter. (NASDAQ:SKYE – Free Report), according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 19,754 shares of the company, worth approximately $158,000. Rhumbline Advisers owned approximately 0.07% of Skye Bioscience as of its most recent filing with the Securities and Exchange Commission.

In addition, Bank of New York Mellon Corp acquired a new position in Skye Bioscience in the second quarter valued at $471,000. 21.09% of the shares are held by hedge funds and other institutional investors.

Insider buying and selling at Skye Bioscience

In other news, Director Andrew J. Schwab sold 252,500 shares of the stock in a transaction on Wednesday, September 11. The shares sold at an average price of $6.60, for a total value of $1,666,500.00. Following the transaction, the director now owns 66,356 shares of the company’s stock, valued at approximately $437,949.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Skye Bioscience news, Director Andrew J. Schwab sold 13,837 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock sold at an average price of $6.06, for a total transaction of $83,852.22. Following the transaction, the director now owns 66,277 shares of the company’s stock, valued at approximately $401,638.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC’s website. Also, Director Andrew J. Schwab sold 252,500 shares of the company’s stock in a transaction on Wednesday, September 11. The shares sold at an average price of $6.60, for a total transaction of $1,666,500.00. Following the sale, the director now directly owns 66,356 shares in the company, valued at $437,949.60. The explanation of this sale can be found here. Corporate insiders own 0.73% of the company’s shares.

Wall Street analysts predict growth

A number of research analysts have recently commented on the company. JMP Securities began coverage on Skye Bioscience in a report on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price target for the company. Craig Hallum reported on Skye Bioscience in a research note on Tuesday, July 9. They set a buy rating and $18.00 price target on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 target price on shares of Skye Bioscience in a research report on Friday, September 20. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $14.00 price target on shares of Skye Bioscience in a research note on Friday, September 20th. Five analysts have rated the stock with a buy rating. According to data from MarketBeat.com, the stock has an average rating of Buy and an average price target of $18.40.

Check out our latest research report on SKYE

Skye Bioscience shares fall 5.3%

Skye Bioscience shares opened at $3.75 on Monday. The stock’s 50-day moving average is $5.50. Skye Bioscience, Inc. has a one-year low of $1.44 and a one-year high of $19.41.

Skye Bioscience (NASDAQ:SKYE – Get Free Report) last posted its quarterly earnings data on Friday, August 9th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). On average, stock analysts predict that Skye Bioscience, Inc. will post a profit per share of -1.06 for the current financial year.

Skye Bioscience Profile

(Free report)

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, which is used in the treatment of glaucoma and ocular hypertension. The company is also developing SBI-200 for the treatment and treatment of several eye diseases, including uveitis, dry eye syndrome, macular degeneration and diabetic retinopathy.

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