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

Platinum Investment Management Ltd. reduced its position in Skye Bioscience, Inc. (NASDAQ:SKYE) by 10.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 434,046 shares of the company’s stock after selling 51,153 shares during the quarter. Platinum Investment Management Ltd. owned about 1.43% of Skye Bioscience worth $1,228,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Baker BROS. Advisors LP boosted its stake in shares of Skye Bioscience by 186.9% in the 3rd quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock valued at $5,609,000 after purchasing an additional 934,634 shares in the last quarter. Sphera Funds Management LTD. boosted its stake in shares of Skye Bioscience by 20.4% in the 3rd quarter. Sphera Funds Management LTD. now owns 1,563,522 shares of the company’s stock valued at $6,113,000 after purchasing an additional 265,210 shares in the last quarter. State Street Corp boosted its stake in shares of Skye Bioscience by 7.0% in the 3rd quarter. State Street Corp now owns 354,205 shares of the company’s stock valued at $1,385,000 after purchasing an additional 23,201 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Skye Bioscience by 71.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock valued at $185,000 after purchasing an additional 19,704 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Skye Bioscience by 4.2% in the 3rd quarter. Geode Capital Management LLC now owns 385,793 shares of the company’s stock valued at $1,509,000 after purchasing an additional 15,614 shares in the last quarter. 21.09% of the stock is owned by institutional investors.

Skye Bioscience Trading Down 9.5 %

NASDAQ:SKYE opened at $2.29 on Wednesday. The firm’s 50 day simple moving average is $2.78 and its 200 day simple moving average is $2.89. Skye Bioscience, Inc. has a one year low of $2.27 and a one year high of $17.65.

Analyst Upgrades and Downgrades

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

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.