3 Stocks Targeting Weight Loss Market With Cannabinoid-Based Therapies

Novo Nordisk, Corbus Pharmaceuticals, and Skye Bioscience are exploring cannabinoid-based therapies to tap into the growing obesity market, projected to reach $100 billion by 2030. Novo Nordisk, facing increasing competition in the GLP-1 market, is advancing monlunabant, a CB1 receptor inverse agonist, into Phase IIb trials despite mixed Phase IIa results; Corbus is developing CRB-913, with Phase I results expected in 2025; and Skye Bioscience is conducting Phase II trials for nimacimab, a monoclonal antibody targeting the CB1 pathway, with data expected later this year, though all three companies have seen stock declines year-to-date.

Analysis

The obesity treatment market, projected to reach $100 billion by 2030, is driving innovation beyond current GLP-1 therapies, with cannabinoid (CBD)-based treatments emerging as a significant area of interest. Novo Nordisk (NVO), already a market leader with Wegovy and Ozempic, is strategically diversifying by advancing monlunabant, an oral CB1 receptor inverse agonist acquired through Inversago Pharmaceuticals; following Phase IIa data showing statistically significant weight loss but diminishing returns at higher doses, a Phase IIb study is planned for later this year to determine optimal dosing. Despite a slight rise in NVO's 2025 EPS estimates to $3.84, its 2026 EPS estimates have declined to $4.64, and the stock has fallen 21% year-to-date, impacted by competitive pressures and pipeline setbacks. In the small-cap biotech sector, Corbus Pharmaceuticals (CRBP) is developing CRB-913, another CB1 receptor target, which entered Phase I trials in March with results anticipated in Q3 2025; CRB-913 shows preclinical promise for reduced neuropsychiatric side effects, but CRBP's estimated loss per share has widened for both 2025 (to $6.34) and 2026 (to $5.39), and its stock has dropped 36% year-to-date. Similarly, Skye Bioscience (SKYE) is advancing nimacimab, a monoclonal antibody targeting the CB1 pathway, in a Phase II study with top-line data expected later this year; nimacimab is also designed to minimize brain penetration. However, SKYE has seen its 2025 loss per share estimate increase to $1.31 and its 2026 estimate to $1.52, with its stock declining 27% year-to-date due to financial concerns. All three companies currently hold a Zacks Rank #3 (Hold), underscoring the speculative nature and inherent risks of these cannabinoid-based therapeutic developments within the burgeoning obesity market.

Key Decisions for Investors

• Investors should closely monitor Novo Nordisk's upcoming Phase IIb trial results for monlunabant as a key indicator of its diversification success beyond GLP-1s, particularly given the stock's recent 21% year-to-date decline and competitive pressures.
• Corbus Pharmaceuticals and Skye Bioscience represent higher-risk, early-stage investments; focus should be on their respective clinical trial readouts (CRBP Phase I in Q3 2025, SKYE Phase II later this year) and financial health, as positive data could be transformative but widening losses and stock declines highlight considerable downside potential.
• Considering the Zacks Rank #3 (Hold) for NVO, CRBP, and SKYE, and the speculative outlook for cannabinoid-based obesity treatments, market participants should approach this sub-sector with caution, aligning exposure with risk appetite and recognizing the substantial development timelines and regulatory hurdles.