Oppenheimer lowered the firm’s price target on Skye Bioscience (SKYE) to $17 from $21 and keeps an Outperform rating on the shares. The firm notes the company reported Q1 results with $11.8M OpEx and $59.2M cash providing expected runway through Q1 2027 and supporting execution of Phase 2a CBeyond and manufacturing for Phase 2b. Oppenheimer looks forward to top-line data for CBeyond in late-Q3/early-Q4, as Skye previously announced that ahead-of-schedule enrollment would eliminate the need for an interim analysis. Regarding CBeyond trial extension, it sees longer-term dosing and follow-up as potentially derisking for nimacimab ahead of a dose-ranging Phase 2b.
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