SVB Securities upgrades Satsuma Pharma ahead of late-stage migraine drug data

Satsuma Pharmaceuticals

10/10/2022 14:20

** Drug Developer Satsuma Pharmaceuticals Inc  STSA.O  up
~21% premarket to $6.5 - set to open at near two-week high if
gains hold
    ** SVB Securities upgrades STSA to "outperform" from "market
perform", raises PT to $15 from $5
    ** Brokerage believes late-stage clinical trial data of co's
nasal powder, STS-101, for migraine is likely to be positive 
    ** SVB Securities says it has been conservative in its sales
estimates for the drug based on a conversation with a  market
expert; doubles estimates of sales in 2030 to almost $300 mln
    ** Believes company has made key changes to the drug
delivery device that allows more consistent administration of
the powder
    ** Co in Sept said it expects results from the late-stage
trial in Q4 2022
    ** All 6 brokerages rate the stock "buy" or higher; median
PT is $15 - Refinitiv data
    ** Up to Friday's close, stock had risen ~19% compared with
a ~32% decline in the Nasdaq Composite index  .IXIC 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))