Skye Bioscience: ENHANZE Partnership Unlocks Nimacimab Dosing, De-Risks Phase 2b Path and Supports Buy Rating

Analyst Ananda Ghosh of H.C. Wainwright maintained a Buy rating on Skye Bioscience, retaining the price target of $20.00.

Ananda Ghosh has given his Buy rating due to a combination of factors tied to Skye Bioscience’s ability to remove a key bottleneck in nimacimab delivery and strengthen its clinical path. He highlights that the new collaboration with Halozyme’s ENHANZE platform enables substantially higher subcutaneous doses of nimacimab, solving the prior injection-volume constraint that contributed to under-dosing in Phase 2a. Because ENHANZE is already validated in approved products, he views this as a credible, de-risking solution that should allow robust dose-ranging in the planned Phase 2b trial. In parallel, he notes that Skye’s structured 90-day plan to complete population PK/PD modeling, translational biodistribution work, and extension-study readouts should provide the data backbone needed to select optimal exposures and enter Phase 2b with greater confidence.
Ananda Ghosh’s rating is also based on the durability of his core thesis that nimacimab can function as an “ezetimibe of obesity,” complementing GLP-1 therapies by safely enhancing and prolonging their benefits. He emphasizes that Phase 2a results supported target engagement and safety, and that the main issue was insufficient drug exposure rather than lack of efficacy signal. The pairing of ENHANZE with Arecore’s Arestat technology, aimed at creating a higher-concentration, injection-friendly formulation, is viewed as further reducing future development and commercialization friction by avoiding complex delivery systems. Taken together, these execution steps and technology partnerships convince him that Skye is materially de-risking its program and improving the risk-reward profile of SKYE shares, supporting a Buy recommendation.