Ensign Peak Advisors Inc Lowers Stock Position in Skye Bioscience, Inc. (NASDAQ:SKYE)

Ensign Peak Advisors Inc cut its holdings in shares of Skye Bioscience, Inc. (NASDAQ:SKYE) by 14.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 767,287 shares of the company’s stock after selling 132,713 shares during the period. Ensign Peak Advisors Inc owned 2.53% of Skye Bioscience worth $2,171,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of SKYE. Jane Street Group LLC purchased a new position in shares of Skye Bioscience during the third quarter worth approximately $48,000. Barclays PLC grew its position in shares of Skye Bioscience by 36.7% during the third quarter. Barclays PLC now owns 57,889 shares of the company’s stock worth $226,000 after acquiring an additional 15,551 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Skye Bioscience by 20.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company’s stock worth $176,000 after acquiring an additional 10,707 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of Skye Bioscience during the fourth quarter worth approximately $29,000. Finally, Geode Capital Management LLC grew its position in shares of Skye Bioscience by 5.2% during the fourth quarter. Geode Capital Management LLC now owns 405,694 shares of the company’s stock worth $1,148,000 after acquiring an additional 19,901 shares during the last quarter. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

Skye Bioscience Price Performance

NASDAQ:SKYE opened at $2.01 on Friday. The firm’s fifty day moving average price is $1.79 and its 200 day moving average price is $2.17. Skye Bioscience, Inc. has a 1-year low of $1.14 and a 1-year high of $13.44. The firm has a market cap of $62.26 million, a price-to-earnings ratio of -2.45 and a beta of 1.74.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.03. As a group, analysts expect that Skye Bioscience, Inc. will post -1.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. William Blair restated an “outperform” rating on shares of Skye Bioscience in a research report on Friday, March 21st. Craig Hallum lowered their price objective on shares of Skye Bioscience from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, March 21st. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $16.60.

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.