Skye Bioscience (SKYE) stock plummeted on Monday after the biopharmaceutical company provided results from its Phase 2a CBeyond proof-of-concept study of nimacimab. Nimacimab is the company’s peripherally-restricted CB1 inhibitor antibody designed to treat patients with obesity.
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Unfortunately for Skye Bioscience, the nimacimab monotherapy arm of this clinical trial did not meet its primary endpoint. The company found that a 200 mg subcutaneous weekly dose was suboptimal as a monotherapy after it failed to show significant weight loss when compared to placebo. However, it did show increased weight loss when combined with semaglutide, versus just semaglutide.
Puneet Arora, Chief Medical Officer of Skye Bioscience, said, “With our preclinical data, toxicology safety margins, and PK modeling, we believe we have a path to support higher dosing, and we are evaluating the next stage of development to optimize dosing in potential future clinical trials.”
Skye Bioscience Stock Movement Today
Skye Bioscience stock was down 61.05% in pre-market trading on Monday, following a 5.79% rally on Friday. The shares have increased 67.84% year-to-date and 23.7% over the past 12 months. Today’s news came with heavy trading, as some 1.14 million shares changed hands, compared to a three-month daily average of about 365,000 units.
Is Skye Bioscience Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Skye Bioscience is Strong Buy, based on eight Buy ratings over the past three months. With that comes an average SKYE stock price target of $16, representing a potential 236.84% upside for the shares.
