Skye Bioscience should be bought on selloff, says Piper Sandler

Piper Sandler analyst Edward A. Tenthoff recommends buying shares of Skye Bioscience (SKYE) after Novo Nordisk (NVO) reported Phase II data showing a 6.4% weight loss for monlunabant. The data validate the cannabinoid receptor antagonism for weight loss, the analyst tells investors in a research note. The firm believes Skye’s nimacimab, as a CB1 antibody, is even more potential than the small molecule. It reiterates an Overeweight rating on Skye with a $20 price target. The stock in midday trading is down 43%, or $2.35, to $3.15.