Seelos downgraded to Neutral at Guggenheim after SLS-002 trial misses endpoint

As previously reported, Guggenheim analyst Yatin Suneja downgraded Seelos Therapeutics to Neutral from Buy and removed the firm’s prior $3 price target on shares after the company reported results from its Phase 2 study of SLS-002 for Acute Suicidal Ideation and Behavior, or ASIB, in adults with Major Depressive Disorder, or MDD. While the drug appears active, the study missed the 24-hour primary endpoint and the regulatory path in ASIB appears “unclear,” the analyst tells investors.