Buy Skye Bioscience shares on today’s weakness, says Cantor Fitzgerald

Shares of Skye Bioscience (SKYE) are down 44% on Friday after Novo Nordisk (NVO) reported 16-week Phase 2a data for monlunabant in obesity, Cantor Fitzgerald tells investors in a research note. Cantor, which made no change to its Overweight rating or $14 price target on Skye shares, says it would be a buyer on the weakness given the different targeting of nimacimab may allow for a safer profile, and says the bigger question the firm has around this targeting ahead of Skye’s Phase 2 data in 2025 is whether this could maintain optimal weight loss efficacy.