Canaccord Genuity Group Issues Positive Forecast for Sage Therapeutics (NASDAQ:SAGE) Stock Price

Sage Therapeutics (NASDAQ:SAGE - Free Report) had its price target raised by Canaccord Genuity Group from $8.00 to $8.50 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a hold rating on the biopharmaceutical company's stock.

A number of other research analysts have also recently commented on the company. Bank of America assumed 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. Needham & Company LLC reissued a "hold" rating on shares of Sage Therapeutics in a research report on Monday. Finally, Wall Street Zen cut shares of Sage Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, June 7th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $8.93.

Sage Therapeutics Price Performance

NASDAQ:SAGE traded up $0.17 during trading hours on Tuesday, hitting $9.30. The company had a trading volume of 2,546,188 shares, compared to its average volume of 1,284,783. The stock has a 50-day moving average price of $7.16 and a 200 day moving average price of $6.95. The company has a market capitalization of $582.37 million, a PE ratio of -1.60 and a beta of 0.18. Sage Therapeutics has a 52 week low of $4.62 and a 52 week high of $13.47.

Sage Therapeutics (NASDAQ:SAGE - Get Free Report) last posted 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 company had revenue of $14.06 million during the quarter, compared to analysts' expectations of $14.12 million. Sage Therapeutics had a negative return on equity of 68.99% and a negative net margin of 747.63%. The company's revenue for the quarter was up 78.0% on a year-over-year basis. During the same period in the prior year, the business posted ($1.80) earnings per share. Analysts anticipate that Sage Therapeutics will post -3.52 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Millennium Management LLC raised its stake in Sage Therapeutics by 8.3% during the fourth quarter. Millennium Management LLC now owns 1,623,785 shares of the biopharmaceutical company's stock valued at $8,817,000 after purchasing an additional 124,720 shares in the last quarter. ProShare Advisors LLC increased its holdings in shares of Sage Therapeutics by 31.2% in the 4th quarter. ProShare Advisors LLC now owns 18,281 shares of the biopharmaceutical company's stock worth $99,000 after buying an additional 4,350 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Sage Therapeutics by 108.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 74,625 shares of the biopharmaceutical company's stock worth $405,000 after purchasing an additional 38,876 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Sage Therapeutics by 9.3% in the fourth quarter. BNP Paribas Financial Markets now owns 77,560 shares of the biopharmaceutical company's stock worth $421,000 after purchasing an additional 6,574 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in Sage Therapeutics by 103.1% in the 4th quarter. Jane Street Group LLC now owns 462,004 shares of the biopharmaceutical company's stock worth $2,509,000 after buying an additional 234,528 shares during the period. 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.