B. Riley Sees 'Significant Potential' In This Beaten-Up Biotech
- B. Riley analyst calls Seelos Therapeutics Inc his top "Battered Bastions" pick with the stock down 60% from intra-year highs.
- According to the analyst Mayank Mamtani, the Company's fundamentals have strengthened due to the competitive positioning of its two lead late-stage candidates, SLS-002 for acute suicide ideation & behavior and trehalose for amyotrophic lateral sclerosis.
- The analyst is "encouraged" by the cross-read from Sage Therapeutics Inc recent regulatory strategy update of zuranolone in major depressive disorder to SLS-002's indication expansion plans.
- Also, Seelos is progressing with gene therapy candidate SLS-004. Preclinical data demonstrated that a single dose reduced alpha-synuclein mRNA by 27% and SNCA protein expression by 40%.
- He sees "significant potential upside optionality" to the firm's $11 price target and reiterates a Buy rating on the shares.
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