William Blair analyst Andy Hsieh has maintained their bullish stance on SKYE stock, giving a Buy rating on September 30.
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Andy Hsieh has given his Buy rating due to a combination of factors, primarily focusing on the recent Phase IIa trial results for Skye Bioscience’s nimacimab. Although the monotherapy did not achieve the primary endpoint, the combination with Wegovy showed promising results with a significant increase in weight loss compared to Wegovy alone. This outcome suggests potential for further development and optimization of the treatment.
Additionally, the safety profile of nimacimab was favorable, with no neuropsychiatric adverse events reported and minimal gastrointestinal issues when combined with Wegovy. The low discontinuation rates due to adverse events further support the drug’s tolerability. Skye Bioscience’s plan to explore higher dosing strategies and present more detailed trial results at an upcoming conference indicates a proactive approach to advancing their research, which contributes to the positive outlook reflected in the Buy rating.
According to TipRanks, Hsieh is a 4-star analyst with an average return of 10.6% and a 47.24% success rate. Hsieh covers the Healthcare sector, focusing on stocks such as Skye Bioscience, Viking Therapeutics, and Terns Pharmaceuticals.
In another report released on September 30, H.C. Wainwright also initiated coverage with a Buy rating on the stock with a $20.00 price target.