Piper Sandler initiated coverage of Skye Bioscience (SKYE) with an Overweight rating and $12 price target. Skye is developing peripherally restricted CB1 antibody nimacimab to treat obesity by restoring leptin sensitivity and increasing fat metabolism. The firm believes this mechanism is validated by Novo Nordisk’s (NVO) recent acquisition of privately held Inversago for $1.075B. Further, Piper thinks Skye’s approach of developing an antibody with muscle-sparing weight loss and no psychiatric AEs offers blockbuster potential.
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Read More on SKYE:
- Skye Bioscience Funds Operations and Clinical Trials Through 2026
- Skye Bioscience Announces Private Placement Details
- Skye Bioscience Executes Unregistered Equity Sales Event
- Skye Bioscience Strikes Deal for $50M Capital Boost
- Skye Announces Clinical Development Plan in Obesity for Differentiated Peripheral CB1 Inhibitor, Nimacimab
