Shares of drug developer Skye Bioscience (NASDAQ:SKYE) experienced a dramatic surge in morning trading today, climbing as much as 185% to reach a near three-month high of $3.73.
The stock was last seen up by a substantial 65.3%, putting it on track for its best single-day performance in over a year, should the gains hold.
The significant jump in stock price follows the company's announcement that its drug candidate, nimacimab, has demonstrated compelling weight loss results in preclinical studies.
According to Skye Bioscience, nimacimab achieved a 23.5% reduction in weight in mice.
This outcome is reportedly comparable to the effectiveness of Eli Lilly's (NYSE:LLY) widely popular weight loss drug, tirzepatide (marketed as Zepbound), and Novo Nordisk's (NYSE:NVO) experimental drug, monlunabant.
Adding to the positive news, the company also revealed that when nimacimab was combined with tirzepatide, the combination therapy resulted in a weight loss exceeding 30% in the animal models.
Investors are now eagerly awaiting the initial data from Skye Bioscience's mid-stage clinical study of nimacimab in obesity, which is anticipated to be released in the late third quarter or early in the fourth quarter of 2025.