Analyst Ananda Ghosh of H.C. Wainwright maintained a Buy rating on Skye Bioscience, retaining the price target of $20.00.
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Ananda Ghosh has given his Buy rating due to a combination of factors that highlight the potential of Skye Bioscience’s nimacimab in combination therapies. The recent Phase 2a data, while showing limited efficacy as a monotherapy, demonstrated a significant additive effect when combined with semaglutide. This combination resulted in a more pronounced weight loss trajectory, suggesting that nimacimab could play a role similar to ezetimibe in obesity treatment by enhancing the effects of existing therapies.
Ananda Ghosh believes that nimacimab’s potential lies in its ability to enable lower dosing of semaglutide, mitigate rebound weight gain, and preserve lean mass, which are critical factors in long-term weight management. The safety and tolerability profile of nimacimab further supports its potential utility in combination settings. Drawing parallels with the historical trajectory of ezetimibe, Ghosh suggests that nimacimab could become an important adjunct therapy, deepening and extending the benefits of standard treatments.
In another report released yesterday, Citizens JMP also maintained a Buy rating on the stock with a $4.00 price target.