William Blair analyst Andy Hsieh has maintained their bullish stance on SKYE stock, giving a Buy rating today.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Andy Hsieh has given his Buy rating due to a combination of factors surrounding Skye Bioscience’s promising developments. The company is on the verge of releasing significant Phase IIa trial data for nimacimab, a drug targeting obesity and overweight conditions. This data is expected to show a notable placebo-adjusted weight loss of 5%-8% when used as a monotherapy, with additional benefits when combined with Wegovy, and importantly, without any neuropsychiatric side effects.
Hsieh’s optimism is further fueled by the transformative potential of the nimacimab program, which could significantly enhance the company’s valuation. The anticipated positive outcomes from the trial are seen as a catalyst that could revitalize investor sentiment and materially rerate Skye Bioscience’s stock, justifying the Buy recommendation.
In another report released today, 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.