William Blair analyst Andy Hsieh has maintained their bullish stance on SKYE stock, giving a Buy rating yesterday.
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Andy Hsieh has given his Buy rating due to a combination of factors related to Skye Bioscience’s promising developments in obesity treatment. The company presented compelling data at a recent European Congress on Obesity, showcasing nimacimab, an antibody-based treatment targeting the cannabinoid 1 receptor (CB1R). This treatment has demonstrated potential in inducing weight loss by focusing on peripheral rather than central CB1R inhibition, which may enhance safety and efficacy.
The analysis conducted by Skye, in collaboration with Everest Clinical Research, supports the notion that peripheral CB1R inhibition is sufficient for weight loss, potentially minimizing neuropsychiatric side effects associated with central inhibition. This strategic focus on peripheral action could position Skye Bioscience favorably in the obesity treatment market, underpinning Andy Hsieh’s optimistic Buy rating for the company’s stock.
In another report released yesterday, Oppenheimer also maintained a Buy rating on the stock with a $17.00 price target.