UPDATE: B.Riley Starts Seelos Therapeutics (SEEL) at Buy
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B.Riley analyst Chad Malby initiates coverage on Seelos Therapeutics (NASDAQ: SEEL) with a Buy rating and a price target of $15.00.
The analyst comments "SEEL has built a diversified neuroscience pipeline of clinicalstage programs addressing significant unmet need across several high-prevalence and orphan neurology disorders. With as many potential iterations as there are people, mental health issues have unique barriers to success and potential side effects. Many antidepressants lead to suicidal thoughts. SEEL is targeting acute suicidal ideation and behavior (ASIB) with major depressive disorder (MDD), among other CNS indications, which have no effective therapies. We are particularly encouraged by the progress underway in the two-part Phase II study of lead candidate SLS-002 (intranasal racemic ketamine) as a fast follower to JNJ’s Spravato (intranasal esketamine) that is currently FDA approved for treating depressive symptoms but not for suicidality. We believe that SLS-002 has substantially reduced clinical development risk, albeit a differentiated development plan focused on ASIB patients treated in the emergency room (ER) setting. We also highlight SEEL’s lean operating model and strong network of key industry and academic partners, which we believe implies prudent capital allocation."
Shares of Seelos Therapeutics closed at $4.26 yesterday.
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