SVB Leerink analyst Marc Goodman started coverage Satsuma Pharmaceuticals with an Outperform rating and a $20 price target. The analyst thinks that the migraine space will be a significant market and that the branded acute segment is underappreciated. Through the analyst's "many physician conversations," he has heard that dihydroergotamine mesylate is a "very efficacious drug" for migraine and physicians are comfortable using it, but physicians don't like the current formulations which are currently on the market. While it may not be the first to market, Goodman believes that Satsuma's intranasal DHE product offers more convenient administration, rapid onset and durable efficacy, and thus would be the best-in-class new DHE product in development.