Platinum Investment Management Ltd. Raises Holdings in Sage Therapeutics, Inc. (NASDAQ:SAGE)

Platinum Investment Management Ltd. lifted its stake in Sage Therapeutics, Inc. (NASDAQ:SAGE) by 21.1% during the second quarter, Holdings Channel reports. The institutional investor owned 91,933 shares of the biopharmaceutical company’s stock after acquiring an additional 16,013 shares during the quarter. Platinum Investment Management Ltd.’s holdings in Sage Therapeutics were worth $4,323,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its position in Sage Therapeutics by 23.1% during the second quarter. JPMorgan Chase & Co. now owns 1,692,594 shares of the biopharmaceutical company’s stock worth $79,586,000 after purchasing an additional 317,276 shares in the last quarter. Northern Trust Corp boosted its position in Sage Therapeutics by 6.7% during the second quarter. Northern Trust Corp now owns 635,303 shares of the biopharmaceutical company’s stock worth $29,872,000 after purchasing an additional 39,871 shares in the last quarter. MetLife Investment Management LLC boosted its position in Sage Therapeutics by 2.1% during the second quarter. MetLife Investment Management LLC now owns 27,683 shares of the biopharmaceutical company’s stock worth $1,302,000 after purchasing an additional 558 shares in the last quarter. Edgestream Partners L.P. purchased a new position in Sage Therapeutics during the second quarter worth approximately $1,286,000. Finally, Commonwealth Equity Services LLC purchased a new position in Sage Therapeutics during the second quarter worth approximately $241,000. Hedge funds and other institutional investors own 89.68% of the company’s stock.

Sage Therapeutics Stock Performance

Shares of SAGE stock traded down $0.18 on Tuesday, hitting $19.54. 101,279 shares of the stock traded hands, compared to its average volume of 953,633. The firm’s 50-day moving average price is $19.61 and its two-hundred day moving average price is $33.26. The stock has a market capitalization of $1.17 billion, a PE ratio of -1.80 and a beta of 1.12. Sage Therapeutics, Inc. has a twelve month low of $16.51 and a twelve month high of $59.99.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SAGE shares. HC Wainwright lowered their price target on Sage Therapeutics from $50.00 to $27.00 in a research report on Tuesday, August 8th. Morgan Stanley decreased their target price on Sage Therapeutics from $49.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 9th. Wedbush raised their target price on Sage Therapeutics from $21.00 to $22.00 and gave the company a “neutral” rating in a research report on Wednesday, November 8th. Oppenheimer decreased their target price on Sage Therapeutics from $24.00 to $20.00 and set a “market perform” rating on the stock in a research report on Tuesday, August 8th. Finally, Royal Bank of Canada decreased their target price on Sage Therapeutics from $22.00 to $21.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 8th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $43.78.

Sage Therapeutics 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.