Why Did Skye Bioscience Stock Plummet A Whopping 60% Today?

The company stated that its investigational drug alone did not cause weight loss compared to the placebo in a mid-stage trial.

Shares of Skye Bioscience, Inc. (SKYE) dived 60% in the pre-market session on Monday after the company said that its Nimacimab alone did not cause weight loss as compared to placebo in a mid-stage trial.

However, Nimacimab in combination with Novo Nordisk’s Semaglutide demonstrated a clinically meaningful magnitude of weight loss compared to Semaglutide alone, the company said. The positive observation supports further studies where Nimacimab is used with other therapies, it added. 

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