Sage Therapeutics (NASDAQ:SAGE) Trading 5.8% Higher

Sage Therapeutics, Inc. (NASDAQ:SAGE) shares traded up 5.8% during mid-day trading on Tuesday . The stock traded as high as $23.02 and last traded at $22.90. 555,096 shares changed hands during trading, a decline of 39% from the average session volume of 903,200 shares. The stock had previously closed at $21.65.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Morgan Stanley cut their price objective on shares of Sage Therapeutics from $49.00 to $20.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 9th. TD Cowen cut their price objective on shares of Sage Therapeutics from $105.00 to $28.00 and set an “outperform” rating on the stock in a report on Tuesday, August 8th. Needham & Company LLC downgraded shares of Sage Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Bank of America cut their price target on shares of Sage Therapeutics from $25.00 to $24.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Stifel Nicolaus downgraded shares of Sage Therapeutics from a “buy” rating to a “hold” rating and cut their price target for the stock from $60.00 to $22.00 in a report on Monday, August 7th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $43.57.

Sage Therapeutics Trading Up 7.0 %

The stock has a market cap of $1.39 billion, a PE ratio of -2.30 and a beta of 1.14. The business has a 50-day moving average price of $30.97 and a 200-day moving average price of $41.77.

Sage Therapeutics (NASDAQ:SAGE) last announced its earnings results on Monday, August 7th. The biopharmaceutical company reported ($2.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.55) by ($0.13). The business had revenue of $2.47 million for the quarter, compared to analysts’ expectations of $2.94 million. Sage Therapeutics had a negative net margin of 5,704.03% and a negative return on equity of 49.82%. The company’s quarterly revenue was up 64.7% on a year-over-year basis. During the same quarter last year, the business earned ($2.13) EPS. Equities analysts expect that Sage Therapeutics, Inc. will post -8.97 earnings per share for the current year.

Insider Buying and Selling at Sage Therapeutics

In other news, Director Elizabeth Barrett acquired 2,000 shares of the firm’s stock in a transaction on Wednesday, August 9th. The shares were bought at an average price of $18.64 per share, for a total transaction of $37,280.00. Following the acquisition, the director now owns 3,000 shares of the company’s stock, valued at approximately $55,920. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.30% of the stock is currently owned by insiders.

Institutional Trading of Sage Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Virginia Retirement Systems ET AL acquired a new stake in shares of Sage Therapeutics in the 2nd quarter worth $1,933,000. Teachers Retirement System of The State of Kentucky increased its stake in shares of Sage Therapeutics by 1.3% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 76,089 shares of the biopharmaceutical company’s stock worth $3,577,000 after acquiring an additional 952 shares during the last quarter. Nuveen Asset Management LLC increased its stake in shares of Sage Therapeutics by 124.2% in the 2nd quarter. Nuveen Asset Management LLC now owns 313,449 shares of the biopharmaceutical company’s stock worth $14,738,000 after acquiring an additional 173,664 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Sage Therapeutics in the 2nd quarter worth $484,000. Finally, Alliancebernstein L.P. increased its position in shares of Sage Therapeutics by 1.0% during the 2nd quarter. Alliancebernstein L.P. now owns 61,100 shares of the biopharmaceutical company’s stock worth $2,873,000 after purchasing an additional 600 shares during the last quarter. 89.68% of the stock is owned by institutional investors and hedge funds.

Sage Therapeutics Company Profile

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; zuranolone, a neuroactive steroid, which has completed Phase III clinical trials for treating PPD and major depressive disorders, as well as is in Phase II clinical trials for treatment resistant depression, generalized anxiety disorders, and bipolar depression; and SAGE-324, a compound that is in Phase II clinical trial to treat essential tremors, as well as has completed Phase I clinical trial for epilepsy and Parkinson's diseases.