B. Riley Sees 'Significant Potential' In This Beaten-Up Biotech Stock

B. Riley analyst calls Seelos Therapeutics Inc SEEL his top "Battered Bastions" pick with the stock down 60% from intra-year highs.
Related: Why This Seelos Therapeutics Analyst Is Turning Bullish On Potential Trial Results.
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 SAGE 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.
Price Action: SEEL stock is up 3.38% at $2.30 during the market session on the last check Thursday.