Skye Bioscience Inc. (NASDAQ:SKYE) maintained its Buy rating and $18.00 price target from an analyst at Craig-Hallum. The endorsement comes as the biotechnology company advances with its Phase II CBeyond obesity study of nimacimab™, a novel CB1 inhibiting antibody.
The analyst highlighted nimacimab™'s unique mechanism, which potentially avoids neuropsychiatric side effects, a key advantage over small molecule inhibitors.
The optimism around nimacimab™ is partly due to its ability to offer superior peripheral restriction, which could lead to a significant differentiation in the market. This is particularly relevant as the industry anticipates interim data from the ongoing study, expected in the second quarter of 2025.
The Phase II trial of nimacimab™ is being closely watched by investors and industry experts alike. The design of the study includes several highlights that the analyst believes strengthen the case for nimacimab™ as a leading treatment in the fight against obesity.
Skye Bioscience's ongoing research and development efforts are seen as critical in addressing the unmet medical needs within the obesity sector. The company's focus on nimacimab™ and its distinctive approach to treatment is a central part of its strategy to provide effective and safer options for patients.
The maintained price target of $18.00 reflects a steady confidence in Skye Bioscience's prospects. As the market awaits further developments and data from the company's clinical trials, the current rating underlines a positive outlook for the company's share performance.
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