Sage Therapeutics (NASDAQ:SAGE) Shares Gap Down to $15.63

Sage Therapeutics, Inc. (NASDAQ:SAGE - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $15.63, but opened at $12.96. Sage Therapeutics shares last traded at $11.22, with a volume of 970,154 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SAGE. Bank of America downgraded Sage Therapeutics from a "neutral" rating to an "underperform" rating and lowered their target price for the stock from $24.00 to $14.00 in a research note on Wednesday. Wedbush reaffirmed a "neutral" rating and set a $24.00 price objective on shares of Sage Therapeutics in a report on Wednesday. StockNews.com upgraded Sage Therapeutics from a "sell" rating to a "hold" rating in a research report on Thursday, February 15th. JPMorgan Chase & Co. boosted their price target on Sage Therapeutics from $24.00 to $29.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 26th. Finally, Morgan Stanley raised their price objective on Sage Therapeutics from $20.00 to $22.00 and gave the company an "equal weight" rating in a report on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $40.56.

Sage Therapeutics Stock Performance

The company has a 50 day moving average price of $20.47 and a 200 day moving average price of $21.05. The firm has a market cap of $755.58 million, a price-to-earnings ratio of -1.38 and a beta of 0.86.

Sage Therapeutics (NASDAQ:SAGE - Get Free Report) last announced its earnings results on Wednesday, February 14th. The biopharmaceutical company reported ($0.55) earnings per share for the quarter, topping the consensus estimate of ($1.28) by $0.73. The company had revenue of $77.97 million during the quarter, compared to analyst estimates of $60.15 million. Sage Therapeutics had a negative net margin of 626.32% and a negative return on equity of 54.41%. Sage Therapeutics's revenue was up 2621.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($2.47) earnings per share. On average, research analysts forecast that Sage Therapeutics, Inc. will post -6.06 earnings per share for the current year.

Institutional Investors Weigh In On Sage Therapeutics

Several large investors have recently added to or reduced their stakes in SAGE. Amalgamated Bank raised its holdings in Sage Therapeutics by 3.5% in the fourth quarter. Amalgamated Bank now owns 6,964 shares of the biopharmaceutical company's stock valued at $266,000 after acquiring an additional 235 shares in the last quarter. Captrust Financial Advisors increased its position in shares of Sage Therapeutics by 9.0% in the 2nd quarter. Captrust Financial Advisors now owns 6,091 shares of the biopharmaceutical company's stock valued at $286,000 after purchasing an additional 502 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Sage Therapeutics by 1.0% in the 2nd quarter. Alliancebernstein L.P. now owns 61,100 shares of the biopharmaceutical company's stock valued at $2,873,000 after purchasing an additional 600 shares in the last quarter. Teacher Retirement System of Texas lifted its position in shares of Sage Therapeutics by 4.8% during the 3rd quarter. Teacher Retirement System of Texas now owns 15,278 shares of the biopharmaceutical company's stock worth $314,000 after purchasing an additional 698 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its holdings in Sage Therapeutics by 95.5% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,531 shares of the biopharmaceutical company's stock valued at $32,000 after buying an additional 748 shares during the last quarter. 99.22% of the stock is owned by hedge funds and other institutional investors.

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.