Piper Sandler analyst Edward A. Tenthoff raised the firm’s price target on Skye Bioscience to $20 from $12 and keeps an Overweight rating on the shares. The firm notes Skye completed dosing and final study visit of 56 primary open-angle glaucoma and ocular hypertension patients in the Phase IIa study of CB1 agonist SBI-100 with data in Q2 2024. If positive, Skye plans to initiate a Phase IIb glaucoma study later this year with data in 2025. Skye is also preparing to initiate a Phase II study of peripherally restricted CB1 antibody nimacimab +/- Wegovy in obese patients in mid’24 with data in 2025. Piper believes a muscle-sparing weight loss antibody and no psychiatric AEs has blockbuster potential. It estimates Skye now has pro forma cash of $81M to fund operations beyond 2026.
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