Promising Developments and Strong Clinical Engagement Lead to Buy Rating for Skye Bioscience

William Blair analyst Andy Hsieh has reiterated their bullish stance on SKYE stock, giving a Buy rating on April 23.

Andy Hsieh has given his Buy rating due to a combination of factors related to Skye Bioscience’s promising developments in their preclinical and clinical trials. The company has shown encouraging preclinical data, particularly with their nimacimab, which suggests potential benefits in promoting metabolic homeostasis and weight loss.
Additionally, the ongoing Phase IIa CBeyond trial has maintained strong clinical engagement, and safety reviews have not raised any concerns, indicating a favorable risk profile. Hsieh believes that the CB1 receptor inverse agonism/antagonism approach could be a promising modality, offering an alternative or complement to existing treatments with potentially fewer side effects.

Hsieh covers the Healthcare sector, focusing on stocks such as Skye Bioscience, Cardiff Oncology, and Lantheus. According to TipRanks, Hsieh has an average return of 6.0% and a 43.68% success rate on recommended stocks.

In another report released on April 23, Citizens JMP also reiterated a Buy rating on the stock with a $15.00 price target.