STSA - Satsuma upgraded at Mizuho; predicts late-stage trial success

peterschreiber.media/iStock via Getty Images Mizuho has upgraded Satsuma Pharmaceuticals ([[STSA]] +3.1%) to buy from neutral after the company announced Phase 1 data for the migraine treatment STS101. The price target increased to $15.00 per share indicates a premium of ~170.8% to the last close. In addition to a renewed confidence in STS101, the analyst Vamil Divan also points to updated results from ASCEND trial, a Phase 3 open-label, long-term safety study designed to evaluate STS101 as an acute treatment for migraine. According to the analyst, the data indicate a ~30% increase in dose delivered, compared to the Phase 3 EMERGE trial which failed to show statistically significant differences on co-primary endpoints. “The results give us increased confidence on STS101's likelihood of being successful in the new Phase 3 SUMMIT trial,” Divan wrote referring to a new STS101 Phase 3 efficacy trial expected to begin in mid-2021.

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Satsuma upgraded at Mizuho; predicts late-stage trial success