Seelos Therapeutics: BTIG sees potential in lead drug, starts with "buy"

Seelos Therapeutics

12/03/2021 14:12

** Brokerage BTIG starts coverage on drug developer  SEEL.O 
with a "buy" rating as it sees potential in lead drug and other
candidates in the pipeline
    ** Shares jump ~30% to $3.92 premarket; among most heavily
traded stocks and biggest pct. gainers across U.S. exchanges
    ** BTIG sets PT at $14, representing a premium of 360.5%, or
more than 4-1/2 times, to stock's last close
    ** Brokerage says SEEL's lead drug, SLS-002, to treat acute
suicidal ideation and behavior (ASIB) with major depressive
disorder (MDD) has the potential to address an important unmet
need in a broad patient population
    ** We believe Seelos could benefit materially from the
successful development of SLS-002 for that use, and for an
indication to treat depression (MDD) - BTIG
    ** Sees more than $1 bln peak revenue potential for SLS-002
in the U.S.
    ** Says co's other drugs in development such as SLS-005, to
treat nervous system disorder, has shown promising activity 
    ** Current avg on SEEL is "buy"; median PT is $12- Refinitiv
IBES
    ** Stock down ~46% in last 12 months

 (Reporting by Trisha Roy in Bengaluru)
 ((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 80 6182 3635;))