7 Best Russell 2000 Stocks to Buy According to Analysts

2. Skye Bioscience, Inc. (NASDAQ:SKYE)

Average Price Target Upside: 380.00%

Number of Hedge Fund Holders: 12

Skye Bioscience, Inc. (NASDAQ:SKYE) is a biopharmaceutical company dedicated to pioneering treatments for metabolic health by exploring new therapeutic pathways. The focus is on developing next-generation molecules that target G-protein coupled receptors, an important area in biopharmaceutical research.

The company’s approach is to create first-in-class therapeutics that demonstrate clinical efficacy and stand out in the marketplace due to unique mechanisms of action. A key candidate in this pipeline is nimacimab, a negative allosteric modulating antibody that specifically inhibits the CB1 receptor, which is known to influence appetite and metabolism.

Currently, Skye Bioscience, Inc. (NASDAQ:SKYE) is conducting a Phase 2 clinical trial known as the CBeyond study to evaluate the effectiveness of nimacimab in addressing obesity. The trial will provide two important interim data updates in the second and fourth quarters of 2025, which could significantly impact the company’s trajectory.

The obesity treatment market is projected to reach an astonishing $130 billion by 2030, according to Goldman Sachs Research. While numerous weight loss drugs are in the pipeline by other companies, nimacimab’s unique mechanism may set it apart from the competition.

By inhibiting the CB1 receptor, this treatment seeks to facilitate weight loss while minimizing common side effects, such as gastrointestinal discomfort, that are often associated with other medications. Furthermore, nimacimab could help preserve lean muscle mass during weight loss, which is crucial for overall health and well-being.

In addition to evaluating nimacimab on its own, the CBeyond study also explores the possibility of combining this treatment with a GLP-1 agonist. GLP-1 agonists are already established in managing weight and diabetes, so this combination could improve the overall effectiveness of treatment, potentially offering a comprehensive solution for patients battling obesity.

Skye Bioscience, Inc. (NASDAQ:SKYE) is in a stable position, having cash and cash equivalents of $74.1 million, as of June 30. The financial cushion is expected to support operations through at least the first half of 2027, that provides a runway for continued research and development.

It is one of the best Russell 2000 stocks to buy according to analysts. The stock is a Buy according to 5 analysts and its average price target of $18.00 has an upside of 380.00%, as of September 27.