Craig-Hallum initiated coverage of Skye Bioscience (SKYE) with a Buy rating and $18 price target. The firm believes nimacimab is de-risked given that CB1 inhibition is an obesity target that has been validated by rimonabant. In addition, Novo Nordisk’s (NVO) acquisition of Inversago Pharma for up to $1.075B in 2023 further highlights CB1 as a compelling target for obesity, adds the firm, which sees “significant opportunity” for Skye share appreciation as nimacimab’s utility is validated.
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Read More on SKYE:
- Skye Bioscience Board Reshuffle and Strategic Leadership Strengthening
- Skye Bioscience appoints Karen Smith to the Board
- Skye Bioscience Appoints Dr. Karen Smith to Board of Directors
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- Skye Bioscience Added to Russell 2000® and Russell 3000® Indexes
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