Piper Sandler Reiterates Overweight Rating on Skye Bioscience (SKYE)

Piper Sandler analyst Edward Tenthoff reiterated an Overweight rating and $20.00 price target on Skye Bioscience (NASDAQ: SKYE).

The analyst commented, "We published the BioInsights Obesity report featuring Skye's peripherally-restricted CB1 antibody nimacimab. Skye recently initiated the Phase II CBeyond study of nimacimab in 120 obese (BMI≥30) or overweight patients (BMI≥27) with at least one weight-related co- morbidity. The trial will enroll 40 patients each to 200mg weekly subcu nimacimab or placebo for 26 weeks, and is 80% powered to show 8% placebo-adjusted weight loss. An additional 20 patients each will receive weekly subcu Wegovy (semaglutide) plus nimacimab or placebo with the goal of additive (10%+) weight loss in the combo arm. Skye expects to report interim data in 2Q:25 and full data in 4Q:25. CBeyond is the first Phase II study to assess CB1 inhibition in combination with GLP-1 agonism. Beyond weight loss, we are focused on muscle mass preservation and lack of psychiatric side effects with nimacimab. We reiterate our Overweight rating and $20 price target."

For an analyst ratings summary and ratings history on Skye Bioscience click here. For more ratings news on Skye Bioscience click here.

Shares of Skye Bioscience closed at $5.84 yesterday.

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