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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