Skye Bioscience initiated with an Outperform at JMP Securities

JMP Securities analyst Jonathan Wolleben initiated coverage of Skye Bioscience with an Outperform rating and $15 price target. Skye is developing a first-in-class antibody inhibitor of CB1 that will improve upon two key shortcomings of current anti-obesity medications: gastrointestinal tolerability and unfavorable body composition changes, the analyst tells investors in a research note. The firm says the obesity market growing with emerging unmet needs and that nimacimab is a best positioned CB1 inhibitor.