Sage Therapeutics (NASDAQ:SAGE) Given New $8.50 Price Target at Canaccord Genuity Group

Sage Therapeutics (NASDAQ:SAGE - Get Free Report) had its price target lifted by equities researchers at Canaccord Genuity Group from $8.00 to $8.50 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a "hold" rating on the biopharmaceutical company's stock. Canaccord Genuity Group's target price indicates a potential downside of 6.28% from the stock's current price.

A number of other research firms have also recently issued reports on SAGE. Bank of America assumed coverage on Sage Therapeutics in a research report on Tuesday, March 11th. They issued an "underperform" rating and a $5.00 price objective for the company. Needham & Company LLC restated a "hold" rating on shares of Sage Therapeutics in a research note on Monday. Finally, Wall Street Zen cut shares of Sage Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, June 7th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Sage Therapeutics presently has a consensus rating of "Hold" and a consensus price target of $8.90.

Sage Therapeutics Stock Up 35.4%

Shares of SAGE stock opened at $9.07 on Tuesday. The company's fifty day simple moving average is $7.02 and its 200-day simple moving average is $6.90. Sage Therapeutics has a 12 month low of $4.62 and a 12 month high of $13.47. The firm has a market cap of $567.97 million, a PE ratio of -1.38 and a beta of 0.18.

Sage Therapeutics (NASDAQ:SAGE - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported ($1.01) EPS for the quarter, missing analysts' consensus estimates 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 971.50% and a negative return on equity of 68.18%. The business's revenue was up 78.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.80) EPS. On average, equities analysts predict that Sage Therapeutics will post -3.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sage Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. AlphaQuest LLC bought a new position in Sage Therapeutics in the first quarter valued at about $32,000. Picton Mahoney Asset Management grew its stake in shares of Sage Therapeutics by 126.0% during the fourth quarter. Picton Mahoney Asset Management now owns 6,423 shares of the biopharmaceutical company's stock worth $35,000 after buying an additional 3,581 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Sage Therapeutics during the first quarter worth $37,000. KLP Kapitalforvaltning AS bought a new position in shares of Sage Therapeutics in the 4th quarter valued at $49,000. Finally, Ieq Capital LLC bought a new position in shares of Sage Therapeutics in the 4th quarter valued at $57,000. 99.22% of the stock is currently owned by 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.

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