Skye Bioscience downgraded to Neutral from Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Kristen Kluska downgraded Skye Bioscience (SKYE) to Neutral from Overweight with a price target of $2, down from $14. Skye Biosciences reported “disappointing” 26-week Phase 2a data for nimacimab in obesity, showing 1.52% weight loss int he monotherapy arm compared to 0.26% for placebo, significantly below the 5%-8% weight loss the company previously set expectations around, the analyst tells investors in a research note. The safety bar was met and the combination therapy did reach statistical significance, and Skye believes they have found the problem, Cantor says.