William Blair analyst Andy Hsieh has reiterated their bullish stance on SKYE stock, giving a Buy rating on September 10.
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Andy Hsieh has given his Buy rating due to a combination of factors that highlight the potential of Skye Bioscience’s upcoming developments. The company’s focus on the Phase IIa CBeyond study, which involves nimacimab for obesity and overweight, is seen as having transformative potential. The data expected from this study could significantly impact the market, as nimacimab targets cannabinoid receptor 1 (CB1R) in a novel way that may offer advantages over existing treatments.
Hsieh notes that the negative modulation of CB1R by nimacimab is associated with weight loss and fewer gastrointestinal side effects, while also preserving muscle mass. This approach addresses previous concerns with first-generation CB1R antagonists, which faced psychiatric side effects. The competitive landscape in the obesity treatment market is acknowledged, but the large market size suggests that even a small market share could lead to substantial gains for investors. These factors collectively underpin Hsieh’s positive outlook on Skye Bioscience.
According to TipRanks, Hsieh is a 4-star analyst with an average return of 6.8% and a 43.43% success rate. Hsieh covers the Healthcare sector, focusing on stocks such as Viking Therapeutics, Cardiff Oncology, and Skye Bioscience.
In another report released on September 10, Citizens JMP also reiterated a Buy rating on the stock with a $15.00 price target.