Skye Bioscience (NASDAQ:SKYE) Shares Down 2% – Here’s What Happened

Skye Bioscience, Inc. (NASDAQ:SKYE) dropped 2% during trading on Thursday . The company traded as low as $2.63 and last traded at $2.68. Approximately 61,166 shares traded hands during trading, a decline of 72% from the average daily volume of 219,787 shares. The stock had previously closed at $2.73.

Wall Street Analysts Forecast Growth

Separately, William Blair began coverage on shares of Skye Bioscience in a research note on Friday. They set an “outperform” rating on the stock. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $18.67.

Skye Bioscience Price Performance

The stock has a 50 day simple moving average of $3.02 and a 200 day simple moving average of $3.17.

Institutional Investors Weigh In On Skye Bioscience

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC bought a new position in Skye Bioscience during the 4th quarter valued at approximately $38,000. Two Sigma Advisers LP bought a new position in shares of Skye Bioscience during the fourth quarter valued at approximately $32,000. Deutsche Bank AG lifted its stake in Skye Bioscience by 365.0% in the fourth quarter. Deutsche Bank AG now owns 40,835 shares of the company’s stock worth $116,000 after acquiring an additional 32,054 shares during the period. Bridgeway Capital Management LLC boosted its holdings in Skye Bioscience by 26.3% in the fourth quarter. Bridgeway Capital Management LLC now owns 72,000 shares of the company’s stock valued at $204,000 after acquiring an additional 15,000 shares in the last quarter. Finally, Braidwell LP purchased a new position in Skye Bioscience during the 4th quarter valued at $2,337,000. 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.