UPDATE: BTIG Starts Seelos Therapeutics (SEEL) at Buy
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BTIG analyst Bob Hazlett initiates coverage on Seelos Therapeutics (NASDAQ: SEEL) with a Buy rating and a price target of $14.00.
The analyst commented, "Seelos is a clinical stage biopharmaceutical company focused on the development of therapeutics for the CNS and other rare diseases. Its lead clinical candidate SLS-002, is an intranasally delivered racemic ketamine, which is moving into potentially pivotal development for the treatment of patients with acute suicidal ideation and behavior (ASIB) with major depressive disorder (MDD). SLS-002 has the potential to address an important unmet need in a broad patient population. We believe there is material potential for a rapid-acting, convenient intranasal version of ketamine focused on emergency room (ER) use, where the effect of a REMS could be minimal compared to other settings. We believe Seelos could benefit materially from the successful development of SLS-002 for that use, and for an indication to treat depression (MDD). With the potential for rapid advancement of SLS-002, as well as for the development of other pipeline programs for ALS and Parkinson’s, among others, we initiate coverage of Seelos and SEEL shares with a Buy rating and a $14 price target."
Shares of Seelos Therapeutics closed at $2.95 yesterday.
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