SVB Leerink Downgrades Satsuma Pharmaceuticals (NASDAQ:STSA) to Market Perform

Satsuma Pharmaceuticals (NASDAQ:STSAGet Rating) was downgraded by equities research analysts at SVB Leerink from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. SVB Leerink also issued estimates for Satsuma Pharmaceuticals’ FY2023 earnings at ($0.10) EPS, FY2024 earnings at ($0.10) EPS, FY2025 earnings at ($0.10) EPS and FY2026 earnings at ($0.10) EPS.

Several other analysts also recently commented on the company. Jonestrading started coverage on Satsuma Pharmaceuticals in a research note on Wednesday, August 24th. They issued a “buy” rating and a $14.00 target price for the company. HC Wainwright raised their target price on Satsuma Pharmaceuticals from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, September 21st. Finally, LADENBURG THALM/SH SH started coverage on Satsuma Pharmaceuticals in a research note on Wednesday, August 31st. They issued a “buy” rating and a $16.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Satsuma Pharmaceuticals presently has an average rating of “Hold” and an average price target of $7.40.

Satsuma Pharmaceuticals Price Performance

Shares of STSA traded up $0.01 during trading hours on Tuesday, hitting $0.62. The stock had a trading volume of 2,966,089 shares, compared to its average volume of 210,281. The firm has a 50 day simple moving average of $5.44 and a 200-day simple moving average of $4.74. The firm has a market capitalization of $20.53 million, a P/E ratio of -0.31 and a beta of 0.42. Satsuma Pharmaceuticals has a 1-year low of $0.59 and a 1-year high of $8.08.

Insider Buying and Selling at Satsuma Pharmaceuticals

In related news, major shareholder Braden Michael Leonard purchased 5,608,306 shares of the business’s stock in a transaction on Monday, November 14th. The stock was acquired at an average price of $0.69 per share, for a total transaction of $3,869,731.14. Following the purchase, the insider now owns 5,608,306 shares of the company’s stock, valued at $3,869,731.14. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 31.20% of the company’s stock.

Hedge Funds Weigh In On Satsuma Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in the stock. State Street Corp boosted its stake in shares of Satsuma Pharmaceuticals by 20.0% in the 1st quarter. State Street Corp now owns 43,036 shares of the financial services provider’s stock worth $164,000 after buying an additional 7,176 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of Satsuma Pharmaceuticals in the 3rd quarter worth approximately $61,000. UBS Group AG boosted its stake in shares of Satsuma Pharmaceuticals by 613.2% in the 2nd quarter. UBS Group AG now owns 17,594 shares of the financial services provider’s stock worth $73,000 after buying an additional 15,127 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Satsuma Pharmaceuticals in the 3rd quarter worth approximately $98,000. Finally, Barclays PLC boosted its stake in shares of Satsuma Pharmaceuticals by 8.1% in the 3rd quarter. Barclays PLC now owns 218,902 shares of the financial services provider’s stock worth $1,314,000 after buying an additional 16,424 shares during the last quarter. Institutional investors and hedge funds own 72.03% of the company’s stock.

Satsuma Pharmaceuticals Company Profile

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Satsuma Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, developing novel therapeutic products for the acute treatment of migraines. The company's lead product candidate is STS101, a drug-device combination of a proprietary dry-powder formulation of dihydroergotamine mesylate, which is in SUMMIT Phase 3 efficacy trials and can be self-administered with proprietary pre-filled, single-use, and nasal delivery device.

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Analyst Recommendations for Satsuma Pharmaceuticals (NASDAQ:STSA)

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