Cantor Fitzgerald downgraded Seelos Therapeutics to Neutral from Overweight without a price target after the company announced top-line data from the Phase 2 trial of SLS-002 in acute suicidal ideation and behavior in major depressive disorder. The results were “disappointing” given the unmet need and mechanistic rationale, at the same time, “intriguing” due to the fast onset of action in numerically improved depressive symptoms, and useful reduction in acute suicidality, the analyst tells investors in a research note. The firm expects enhanced visibility on next clinical/regulatory steps in the near-term as Seelos plans to submit the Phase 2 TLD and meet with the FDA by YE23.
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