Investing.com - Skye Bioscience (NASDAQ: SKYE ) shares surged approximately 30% Tuesday following increased attention on its weight loss drug nimacimab at the American Diabetes Association conference.
JMP Securities reiterated its Market Outperform rating and $15.00 price target on Skye Bioscience after the company presented supportive preclinical data highlighting nimacimab’s distinct profile compared to semaglutide.
The preclinical data showed weight loss comparable to semaglutide in diet-induced obese mouse models, with better preservation of lean mass. Higher dosing demonstrated even greater weight loss potency of up to 24%, comparable to the tirzepatide comparator arm.
JMP noted the dose-dependent effect on weight loss and the reproducibility of data across two separate experiments as factors bolstering confidence in nimacimab’s activity, viewing its CB1 inhibition mechanism as distinct from incretin-based therapies.
The next catalyst for Skye Bioscience will be Phase 2a clinical trial data expected in late third quarter or early fourth quarter of 2025, with the 26-week primary endpoint targeting an 8% placebo-adjusted weight loss, followed by 52-week data likely coming in the second quarter of 2026.
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