Skye Bioscience (SKYE) has received a new Buy rating, initiated by H.C. Wainwright analyst, Ananda Ghosh.
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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 the obesity treatment market. The drug is designed to offer metabolic benefits without the psychiatric side effects associated with earlier treatments, making it a promising adjunct to existing therapies like GLP-1s.
Ghosh draws a parallel between nimacimab and ezetimibe, a drug that successfully complemented statins in hyperlipidemia treatment. This comparison suggests that nimacimab could similarly enhance the efficacy of GLP-1 therapies by sustaining weight loss and reducing rebound. The ongoing Phase 2a trial, along with promising preclinical data, supports this potential, indicating that even modestly positive trial results could significantly boost the stock’s valuation.
In another report released on September 23, Piper Sandler also reiterated a Buy rating on the stock with a $20.00 price target.
Based on the recent corporate insider activity of 6 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SKYE in relation to earlier this year.