Seelos Therapeutics price target lowered to $4 from $6 at Benchmark

Benchmark lowered the firm’s price target on Seelos Therapeutics to $4 from $6 and keeps a Speculative Buy rating on the shares after updating the firm’s model for the company’s most recent filings. The company on March 14 completed a registered direct offering with a life sciences-focused investment fund for gross proceeds of $11.4M and the firm estimates the company has enough cash to make it through the end of Q2, noting that its price target includes only the SLS-002 program and does not include SLS-005 or SLS-004, which represent upside.