JPMorgan Chase & Co. cut its stake in shares of Skye Bioscience, Inc. (NASDAQ:SKYE – Free Report) by 24.1% during the 3rd quarter, Holdings Channel.com reports. The fund owned 11,362 shares of the company’s stock after selling 3,609 shares during the period. JPMorgan Chase & Co.’s holdings in Skye Bioscience were worth $44,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. BNP Paribas Financial Markets raised its holdings in shares of 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 purchasing an additional 19,704 shares during the last quarter. Jane Street Group LLC bought a new stake in Skye Bioscience in the 3rd quarter worth about $48,000. Geode Capital Management LLC increased its stake in 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 buying an additional 15,614 shares during the last quarter. Barclays PLC boosted its stake in shares of Skye Bioscience by 36.7% in the 3rd quarter. Barclays PLC now owns 57,889 shares of the company’s stock worth $226,000 after buying an additional 15,551 shares during the last quarter. Finally, Baker BROS. Advisors LP grew its holdings in shares of Skye Bioscience by 186.9% in the third quarter. Baker BROS. Advisors LP now owns 1,434,634 shares of the company’s stock valued at $5,609,000 after acquiring an additional 934,634 shares in the last quarter. 21.09% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other Skye Bioscience news, Director Paul A. Grayson sold 86,244 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.99, for a total transaction of $430,357.56. Following the completion of the transaction, the director now directly owns 259,701 shares of the company’s stock, valued at approximately $1,295,907.99. This represents a 24.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kaitlyn Arsenault sold 43,206 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $4.99, for a total value of $215,597.94. Following the completion of the sale, the chief financial officer now owns 166,342 shares in the company, valued at approximately $830,046.58. The trade was a 20.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 232,431 shares of company stock valued at $1,160,360 in the last ninety days. 3.00% of the stock is currently owned by insiders.
Skye Bioscience Stock Up 0.3 %
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.
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