William Blair analyst Andy Hsieh has reiterated their bullish stance on SKYE stock, giving a Buy rating on May 14.
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Andy Hsieh has given his Buy rating due to a combination of factors including Skye Bioscience’s strategic collaboration with Arecor Therapeutics. This partnership aims to develop a higher concentration formulation of nimacimab, which could enhance its stability, ease of administration, and pharmacokinetic properties. The collaboration is seen as a proactive approach that could lead to more flexible dosing strategies without affecting the ongoing Phase II development.
Furthermore, Andy Hsieh views the CB1R inverse agonism/antagonism approach as promising, especially as it could complement GLP-1 receptor agonists. The potential for nimacimab to induce weight loss with fewer gastrointestinal side effects and maintain muscle mass adds to its attractiveness. Despite past challenges with first-generation CB1R antagonists, nimacimab’s targeted approach mitigates these concerns, supporting the Buy rating.
Hsieh covers the Healthcare sector, focusing on stocks such as Skye Bioscience, Lantheus, and Altimmune. According to TipRanks, Hsieh has an average return of 5.1% and a 43.09% success rate on recommended stocks.
In another report released on May 14, Piper Sandler also reiterated a Buy rating on the stock with a $20.00 price target.