Platinum Investment Management Ltd. Sells 51,153 Shares of Skye Bioscience, Inc. (NASDAQ:SKYE)

Platinum Investment Management Ltd. decreased its position in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) by 10.5% in the 4th quarter, Holdings Channel reports. The firm owned 434,046 shares of the company’s stock after selling 51,153 shares during the quarter. Platinum Investment Management Ltd.’s holdings in Skye Bioscience were worth $1,228,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in SKYE. Jane Street Group LLC bought a new position in Skye Bioscience during the 3rd quarter worth approximately $48,000. Charles Schwab Investment Management Inc. raised its holdings 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 purchasing an additional 10,707 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Skye Bioscience by 71.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock worth $185,000 after purchasing an additional 19,704 shares during the last quarter. Barclays PLC raised its holdings in Skye Bioscience by 36.7% during the 3rd quarter. Barclays PLC now owns 57,889 shares of the company’s stock worth $226,000 after purchasing an additional 15,551 shares during the last quarter. Finally, State Street Corp raised its holdings in Skye Bioscience by 7.0% during the 3rd quarter. State Street Corp now owns 354,205 shares of the company’s stock worth $1,385,000 after purchasing an additional 23,201 shares during the last quarter. Institutional investors own 21.09% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, William Blair began coverage on shares of Skye Bioscience in a report on Friday, February 28th. They set an “outperform” rating for the company. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $18.67.

Skye Bioscience Trading Down 9.5 %

NASDAQ:SKYE opened at $2.29 on Wednesday. The company has a fifty day moving average of $2.78 and a 200-day moving average of $2.89. Skye Bioscience, Inc. has a twelve month low of $2.27 and a twelve month high of $17.65.

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.