Seelos Therapeutics Inc (NASDAQ:SEEL) Stock Continues to Fall: Down 10% in a Week
Clinical stage biopharmaceutical firm Seelos Therapeutics Inc (NASDAQ:SEEL) has been in the middle of a downward spiral and the trend continued on Wednesday.
Market Stats
On Wednesday, SEEL stock fell 3.60% at $1.88 with more than 6 million shares, compared to its average volume of 3.98 million shares. The stock has moved within a range of $1.8200 – 2.1000 after opening trading at $2.10.
Multiple Developments
The company saw its stock slide by as much as 3.50% on Wednesday and that took its decline for the past week to as much as 10%. In such a situation, it is often important for investors to perhaps figure out if the decline in the stock could in fact be an opportunity or not. As a matter of fact, the company made a significant announcement on Wednesday and revealed that it had entered into a license agreement of an exclusive nature.
As per the provisions of the aforementioned agreement, Seelos managed to acquire a global license for Wagermine from the company IX Biopharma Ltd. In this context, it should be noted that that global agreement excludes the markets of Hong Kong, Macau, China and Taiwan. The product in question is a sublingual racemic ketamine wafer.
It goes without saying that the agreement is an important one for the company and could eventually lead to a boost to its business. At this point, it might be a good idea for investors to keep an eye on the developments with regards to this agreement.
Traders Corner
SEEL stock is below the 20-Day and 50-Day Moving averages of $2.08 and $2.20 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.12. The stock is down 20% in the past month.
