Oppenheimer cuts Skye Bioscience price target to $17

Published 12/05/2025, 11:14
Oppenheimer cuts Skye Bioscience price target to $17

On Monday, Oppenheimer maintained an Outperform rating on Skye Bioscience (NASDAQ:SKYE) but reduced the price target from $21.00 to $17.00. The adjustment follows Skye Bioscience’s first quarter 2025 financial report, which disclosed operating expenses of $11.8 million and a cash balance of $59.2 million. According to InvestingPro data, the company maintains a strong financial health score of 3.65 (GREAT), with liquid assets exceeding short-term obligations. The current financial position of the company is expected to support its operations through the first quarter of 2027, including the execution of the Phase 2a CBeyond trial and manufacturing for the Phase 2b study.Want deeper insights? InvestingPro subscribers have access to 14 additional ProTips and comprehensive financial analysis for SKYE.

Skye Bioscience’s CBeyond trial is progressing well, with top-line data anticipated in late third quarter or early fourth quarter of this year. The company had previously indicated that enrollment for the study was ahead of schedule, allowing them to skip an interim analysis. The extension of the CBeyond trial, which will include longer-term dosing and follow-up, is seen by Oppenheimer as a move that could reduce the risks associated with nimacimab before proceeding to the dose-ranging Phase 2b trials.

The firm also noted that recent large pharmaceutical deals involving non-incretins have cast a favorable light on Skye Bioscience’s focus on novel anti-obesity targets. These targets are particularly of interest when they are complementary to incretins. Nimacimab’s recent preclinical data has been promising, indicating its potential as both a standalone treatment and in combination with tirzepatide.

Oppenheimer’s revised price target is based on updated financial models that incorporate actuals and adjustments from Skye Bioscience’s recent performance and outlook. The firm’s analysts believe that the company’s strategic initiatives and the upcoming trial data could positively influence its valuation.

In other recent news, Skye Bioscience Inc. reported its financial results for the first quarter of 2025, noting a significant increase in research and development expenses, which surged to $7.2 million from $1.9 million in the same quarter of 2024. Despite the increased spending, the company maintains a strong cash position of $59.2 million, expected to fund operations through the first quarter of 2027. Skye Bioscience has completed enrollment in its Phase IIa CBEYOND trial and is targeting the obesity treatment market with its Nimazumab therapy. The company plans to initiate a Phase 2b monotherapy dose-ranging study and is preparing for regulatory interactions following the completion of Phase 2a data. In terms of strategic growth, Skye Bioscience is optimistic about its future prospects, with expectations of top-line weight loss data in late Q3 or early Q4. The company is also focused on addressing regulatory uncertainties, including potential shifts in drug pricing policy. Skye Bioscience’s ongoing clinical trials and preclinical studies underscore its commitment to developing novel therapies with a differentiated mechanism of action.

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