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Satsuma Pharmaceuticals (STSA) has a product candidate at Phase 3 of development and is targeting a large market. With other competitors trading with a valuation of $0.6-1.5 billion, after the IPO, we expect the company to sell around these marks. Market participants will need to carefully review the number of patients tested in Phase 1 and 2, which was low. Besides, a large company tried to get another DHE product candidate approved by the FDA. With these facts in mind, in our view, savvy investors will most likely be willing to buy shares