Skye Bioscience: Nimacimab’s Emerging Clinical Profile and Undervalued Asymmetric Risk/Reward Support Buy Rating

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

Andy Hsieh has given his Buy rating due to a combination of factors tied to nimacimab’s emerging clinical profile and Skye Bioscience’s valuation. He highlights that longer-term, 52-week data from the Phase IIa CBeyond trial show that adding nimacimab to Wegovy maintains a meaningful incremental weight-loss benefit over Wegovy alone, even when accounting for study-design limitations around treatment gaps and loss of randomization. The analysis of weight regain after treatment discontinuation further supports nimacimab’s contribution, as patients in the combination arm experienced substantially less weight rebound than those on Wegovy monotherapy, and the rebound seen with Wegovy alone aligns with prior Phase III data for that drug.

Hsieh also points to upcoming catalysts as a reason for optimism, particularly the pending results from the 300 mg nimacimab dose, which, along with preclinical modeling suggesting that a 600 mg dose may further enhance adipose-tissue exposure, could clarify the dose–response relationship and support greater efficacy. He notes that the company’s cash position is sufficient to fund operations into the fourth quarter of 2026, allowing Skye to complete more robust analyses of the CBeyond study and generate additional data without immediate financing pressure. In his view, the combination of encouraging early clinical signals, multiple value-creating data readouts ahead, and a stock price that does not fully reflect these prospects creates an attractive, asymmetric risk/reward setup, justifying his Outperform (Buy) rating.

According to TipRanks, Hsieh is a 4-star analyst with an average return of 12.7% and a 47.25% success rate. Hsieh covers the Healthcare sector, focusing on stocks such as Terns Pharmaceuticals, Nektar Therapeutics, and Viking Therapeutics.

In another report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $20.00 price target.