Oppenheimer Starts Skye Bioscience (SYKE) at Outperform Following Uplisting to Nasdaq (correction)

(Updated - April 11, 2024 4:16 PM EDT)

Oppenheimer analyst Jay Olson initiates coverage on Skye Bioscience (NASDAQ: SKYE) with a Outperform rating and a price target of $25.00.

The analyst comments "Our bullish initiation on SKYE with Outperform and $25 PT is supported by recent uplisting to NASDAQ and 4Q23 update. We're optimistic about lead asset nimacimab, a peripherally-restricted CB1 antibody for obesity that enhances leptin sensitivity and metabolic regulation, as Ph1 data demonstrated clean safety and improved lipid parameters in NAFLD patients. SKYE anticipates initiating pivotal Ph2 trial in mid-2024 for obesity comparing monotherapy and combination arms of nimacimab with a GLP-1R agonist. Additionally, we believe SBI-100 for glaucoma remains underappreciated, and we expect Ph2a results in 2Q24 to unlock value. We forecast risk-adjusted peak total revenues of ~$1.0B in 2037. We view SKYE as financially well-positioned as 4Q23 OpEx of ~$4.1M plus ~$90M in recent PIPE proceeds support expected cash runway beyond 2026."

You May Also Be Interested In

• BofA Securities Resumes American Eagle Outfitters (AEO) at Underperform
• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• New Street Research Upgrades Micron Technology (MU) to Buy