SEEL Stock Soars on 2019 Strategy

The pharma stock just announced updates for two major drug trials for later this year

Pharmaceutical concern Seelos Therapeutics Inc (NASDAQ:SEEL) is at the top of the Nasdaq after announcing its 2019 plans. The company anticipates it will dose the first patient with the life-threatening spinal disease Sanfilippo syndrome in a mid-stage trial with the company's experimental Trehalose treatment in the second quarter. The company also announced an early stage study of its ketamine PTSD treatment this summer. As a result, the shares are up 27.3% at $3.64.

SEEL stock has been struggling to rally atop the $4 mark for some time, as level that has acted as a ceiling for the shares. The equity bottomed out at an all-time low of $1.45 on Mar. 4, before nearly doubling later that week. SEEL has since pulled back for these highs, with downward pressure recently emerging at its 40-day moving average. However, today's jump has the penny stock breaking north of its 50-day trendline for the first time since its intraday spike on Mar. 8.

Short interest has skyrocketed on the stock in 2019, up over 1,400%. Shares sold short now represent a quarter of the stock's available float. Should these bearish bets begin to unwind, some additional tailwinds could help SEEL on its next leg higher.