Sage Therapeutics (NASDAQ:SAGE) Downgraded by Scotiabank to “Hold”

Sage Therapeutics (NASDAQ:SAGE) was downgraded by stock analysts at Scotiabank from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday, MarketBeat.com reports. They presently have a $9.20 price target on the biopharmaceutical company’s stock, down from their prior price target of $12.00. Scotiabank’s price target would indicate a potential upside of 0.44% from the company’s previous close.

Several other analysts also recently commented on the company. Robert W. Baird raised their target price on Sage Therapeutics from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Friday, June 20th. Bank of America began coverage on Sage Therapeutics in a research note on Tuesday, March 11th. They issued an “underperform” rating and a $5.00 target price for the company. Wall Street Zen downgraded Sage Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, June 7th. Piper Sandler downgraded Sage Therapeutics from a “strong-buy” rating to a “hold” rating and cut their price target for the company from $9.00 to $8.50 in a research note on Tuesday, June 17th. Finally, HC Wainwright reiterated a “neutral” rating and set a $12.00 price target on shares of Sage Therapeutics in a research note on Tuesday, June 17th. Two investment analysts have rated the stock with a sell rating and sixteen have given a hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $8.75.

Sage Therapeutics Trading Down 0.1%

SAGE opened at $9.16 on Tuesday. Sage Therapeutics has a 1-year low of $4.62 and a 1-year high of $13.47. The company has a market cap of $573.60 million, a P/E ratio of -1.58 and a beta of 0.29. The company has a fifty day moving average price of $7.59 and a two-hundred day moving average price of $7.30.

Sage Therapeutics (NASDAQ:SAGE) last issued its earnings results on Tuesday, April 29th. The biopharmaceutical company reported ($1.01) EPS for the quarter, missing the consensus estimate of ($0.99) by ($0.02). The firm had revenue of $14.06 million during the quarter, compared to analyst estimates of $14.12 million. Sage Therapeutics had a negative net margin of 747.63% and a negative return on equity of 68.99%. The business’s quarterly revenue was up 78.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.80) earnings per share. On average, research analysts forecast that Sage Therapeutics will post -3.52 EPS for the current fiscal year.

Institutional Investors Weigh In On Sage Therapeutics

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Sage Therapeutics by 4.9% in the 1st quarter. Vanguard Group Inc. now owns 5,077,288 shares of the biopharmaceutical company’s stock worth $40,364,000 after purchasing an additional 239,119 shares during the period. Caligan Partners LP bought a new stake in shares of Sage Therapeutics in the 4th quarter worth approximately $16,575,000. TIG Advisors LLC bought a new stake in shares of Sage Therapeutics in the 1st quarter worth approximately $21,722,000. Millennium Management LLC raised its holdings in shares of Sage Therapeutics by 8.3% in the 4th quarter. Millennium Management LLC now owns 1,623,785 shares of the biopharmaceutical company’s stock worth $8,817,000 after purchasing an additional 124,720 shares during the period. Finally, Boothbay Fund Management LLC bought a new stake in shares of Sage Therapeutics in the 4th quarter worth approximately $7,540,000. Institutional investors own 99.22% of the company’s stock.

About Sage Therapeutics

Sage Therapeutics, Inc, a biopharmaceutical company, develops and commercializes brain health medicines. Its product candidates include ZULRESSO, a CIV injection for the treatment of postpartum depression (PPD) in adults; and ZURZUVAE, a neuroactive steroid, a positive allosteric modulator of GABAA receptors, targeting both synaptic and extrasynaptic GABAA receptors, for the treatment of postpartum depression.