Skye Bioscience initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Skye Bioscience with an Outperform rating and $25 price target. The analyst is optimistic about the company’s lead asset nimacimab, a peripherally-restricted CB1 antibody for obesity that enhances leptin sensitivity and metabolic regulation. The firm says the Phase 1 data demonstrated clean safety and improved lipid parameters in non-alcoholic fatty liver disease patients. Additionally, the analyst believes SBI-100 for glaucoma remains underappreciated, and expects the Phase 2a results in Q2 to “unlock value.”