Charles Schwab Investment Management Inc. Increases Stock Position in Skye Bioscience, Inc. (NASDAQ:SKYE)

Charles Schwab Investment Management Inc. grew its stake in Skye Bioscience, Inc. (NASDAQ:SKYE) by 20.7% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 62,363 shares of the company’s stock after buying an additional 10,707 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Skye Bioscience were worth $176,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SKYE. Jane Street Group LLC purchased a new stake in shares of Skye Bioscience during the 3rd quarter valued at $48,000. BNP Paribas Financial Markets increased its stake in Skye Bioscience by 71.1% in the third quarter. BNP Paribas Financial Markets now owns 47,417 shares of the company’s stock valued at $185,000 after acquiring an additional 19,704 shares during the last quarter. Barclays PLC raised its position in Skye Bioscience by 36.7% during the third quarter. Barclays PLC now owns 57,889 shares of the company’s stock valued at $226,000 after purchasing an additional 15,551 shares in the last quarter. State Street Corp lifted its stake in Skye Bioscience by 7.0% during the third 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. Finally, Geode Capital Management LLC boosted its holdings 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 worth $1,509,000 after purchasing an additional 15,614 shares in the last quarter. Institutional investors own 21.09% of the company’s stock.

Analyst Upgrades and Downgrades

SKYE has been the topic of a number of research reports. Craig Hallum decreased their price objective on Skye Bioscience from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, March 21st. William Blair reiterated an “outperform” rating on shares of Skye Bioscience in a research report on Friday, March 21st. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $18.00.

Skye Bioscience Trading Down 11.9 %

SKYE opened at $1.40 on Wednesday. Skye Bioscience, Inc. has a 12 month low of $1.37 and a 12 month high of $17.65. The business’s 50-day moving average price is $2.36 and its 200-day moving average price is $2.71. The company has a market cap of $43.37 million, a P/E ratio of -1.94 and a beta of 1.71.

Skye Bioscience (NASDAQ:SKYE) last announced its quarterly earnings results on Thursday, March 20th. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.06. During the same period in the previous year, the firm earned ($0.36) earnings per share. Equities research analysts forecast that Skye Bioscience, Inc. will post -1.04 earnings per share for the current fiscal year.

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.