Barclays PLC Has $198,000 Position in Skye Bioscience, Inc. (NASDAQ:SKYE)

Barclays PLC increased its position in Skye Bioscience, Inc. (NASDAQ:SKYE) by 20.3% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 69,620 shares of the company’s stock after acquiring an additional 11,731 shares during the period. Barclays PLC’s holdings in Skye Bioscience were worth $198,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SKYE. Virtu Financial LLC acquired a new position in Skye Bioscience in the fourth quarter worth approximately $29,000. Wells Fargo & Company MN increased its holdings in Skye Bioscience by 49.0% in the fourth quarter. Wells Fargo & Company MN now owns 11,199 shares of the company’s stock worth $32,000 after buying an additional 3,684 shares during the last quarter. Jane Street Group LLC acquired a new position in Skye Bioscience in the third quarter worth approximately $48,000. Charles Schwab Investment Management Inc. increased its holdings in Skye Bioscience by 20.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 62,363 shares of the company’s stock worth $176,000 after buying an additional 10,707 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Skye Bioscience by 5.2% in the fourth quarter. Geode Capital Management LLC now owns 405,694 shares of the company’s stock worth $1,148,000 after buying an additional 19,901 shares during the last quarter. Institutional investors and hedge funds own 21.09% of the company’s stock.

Skye Bioscience Stock Up 13.3%

Shares of Skye Bioscience stock opened at $2.05 on Tuesday. The stock has a market capitalization of $63.50 million, a P/E ratio of -2.50 and a beta of 1.74. The stock has a 50 day moving average price of $1.72 and a two-hundred day moving average price of $2.21. Skye Bioscience, Inc. has a 12-month low of $1.14 and a 12-month high of $13.44.

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 the consensus estimate of ($0.31) by $0.03. Sell-side analysts anticipate that Skye Bioscience, Inc. will post -1.04 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SKYE. Craig Hallum decreased their target price on Skye Bioscience from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, March 21st. William Blair reaffirmed an “outperform” rating on shares of Skye Bioscience in a research report on Friday, March 21st. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Skye Bioscience currently has an average rating of “Buy” and an average price target of $16.60.

Skye Bioscience Profile

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.