On Thursday, Skye Bioscience Inc. (OTC: SKYE) saw its price target increased to $20 from $12 by a Piper Sandler analyst, who also reaffirmed an Overweight rating on the stock.
The adjustment follows the completion of dosing and the final study visit of 56 patients with primary open-angle glaucoma (PAOG) and ocular hypertension (OH) in Skye's Phase IIa study. The study is evaluating the efficacy of the CB1 agonist SBI-100, with results expected in the second quarter of 2024.
The main focus of the Phase IIa study is to observe the change in diurnal intraocular pressure (IOP) compared to a placebo. Secondary objectives include assessing safety, tolerability, psychotropic effects, change in diurnal IOP from baseline, and exploratory biomarkers. Positive outcomes from this study could lead Skye to commence a Phase IIb glaucoma study later in the year, with data anticipated in 2025.
Additionally, Skye Bioscience is gearing up to start a Phase II study of nimacimab, a peripherally-restricted CB1 antibody, in combination with or without Wegovy (semaglutide) in obese patients. The study is slated to begin in mid-2024, with results also expected in 2025. The analyst suggests that a muscle-sparing weight loss antibody without psychiatric adverse effects could have significant market potential.
The financial position of Skye Bioscience also appears robust, with an estimated pro forma cash reserve of approximately $81 million. This funding is projected to support the company's operations well beyond 2026.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.