Satsuma Pharma: Credit Suisse double downgrades, lowest PT in Street

Satsuma Pharmaceuticals

11/09/2020 09:55

** Credit Suisse double downgrades drug developer Satsuma
Pharmaceuticals Inc  STSA.O  to "underperform" from "outperform"
and cuts PT to $4 from $33
    ** Co on Thursday reported topline data from late-stage
study of its migraine treatment, STS101, failed to meet either
of its primary endpoints  urn:newsml:reuters.com:*:nASA015PC
    ** CS sees no path forward for STS101 in acute migraine and
now assumes that development program will be discontinued by
year end 2020
    ** "With STS101 the sole driver of Satsuma, the company's
future becomes unclear, in our view" - CS
    ** Separately, SVB Leerink sees lack of a foreseeable
catalyst for the co and downgrades to "market perform" from
"outperform" and cuts PT to $4 from $35
    ** Both CS and SVB shares a common view of a merger for
Satsuma with another company
    **  PT of $4 is the lowest in the street; Median PT is
$18.50, per Refinitiv Data
    ** YTD, the stock is down 71.4%

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