Mizuho confident on Satsuma Pharma's migraine product STS101; upgrades

Satsuma Pharmaceuticals

22/06/2021 13:09

** Shares of Satsuma Pharmaceuticals  STSA.O  up 6.5% at
$5.90 premarket after Mizuho upgrades to "buy" from "neutral" 
    ** Last week, co announced positive results from phase-1
trail of STS101 nasal powder for migraines  urn:newsml:reuters.com:*:nL2N2NY332
    ** Analyst Vamil Divan says results gave increased
confidence on STS101's likelihood of being successful in new
Phase-3 SUMMIT trial
    ** Our increased confidence in STS101 leads us to increase
our probability of success for product to 70% from 35%
previously - Vamil Diwan
    ** Brokerage sees room for significant upside in share price
from  current level despite limited near-term catalyst for stock
    ** Brokerage also raises PT to street high of $15 from $7,
representing a near three-fold upside from last close 
    ** YTD, stock is up 20.1% as of last close

 (Reporting by Aniruddha Chakrabarty)
 ((aniruddha.c.thomsonreuters.com@reuters.net))