Sage Therapeutics (NASDAQ:SAGE) Shares Gap Up - Here's Why

Sage Therapeutics, Inc. (NASDAQ:SAGE - Get Free Report)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $6.70, but opened at $9.09. Sage Therapeutics shares last traded at $9.08, with a volume of 12,255,660 shares traded.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of Sage Therapeutics in a report on Monday. Bank of America started coverage on shares of Sage Therapeutics in a research note on Tuesday, March 11th. They issued an "underperform" rating and a $5.00 target price on the stock. Piper Sandler cut shares of Sage Therapeutics from a "strong-buy" rating to a "hold" rating and reduced their price target for the stock from $9.00 to $8.50 in a research report on Tuesday. Wall Street Zen downgraded Sage Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, June 7th. Finally, HC Wainwright reissued a "neutral" rating and issued a $12.00 price objective on shares of Sage Therapeutics in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Sage Therapeutics currently has an average rating of "Hold" and a consensus price target of $8.93.

Sage Therapeutics Stock Performance

The stock has a 50-day moving average of $7.16 and a 200-day moving average of $6.95.

Sage Therapeutics (NASDAQ:SAGE - Get Free Report) last posted its earnings results on Tuesday, April 29th. The biopharmaceutical company reported ($1.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.99) by ($0.02). The company had revenue of $14.06 million during the quarter, compared to the consensus estimate of $14.12 million. Sage Therapeutics had a negative net margin of 747.63% and a negative return on equity of 68.99%. The business's quarterly revenue was up 78.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.80) earnings per share. Equities analysts forecast that Sage Therapeutics, Inc. will post -3.52 earnings per share for the current fiscal year.

Institutional Trading of Sage Therapeutics

Hedge funds have recently bought and sold shares of the company. Empowered Funds LLC bought a new position in Sage Therapeutics in the 4th quarter worth about $91,000. Ieq Capital LLC acquired a new position in shares of Sage Therapeutics during the fourth quarter worth approximately $57,000. US Bancorp DE grew its holdings in Sage Therapeutics by 22.3% in the 4th quarter. US Bancorp DE now owns 12,430 shares of the biopharmaceutical company's stock worth $67,000 after buying an additional 2,268 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Sage Therapeutics by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 462,309 shares of the biopharmaceutical company's stock valued at $2,510,000 after acquiring an additional 10,116 shares during the period. Finally, Amundi acquired a new stake in Sage Therapeutics in the 4th quarter valued at approximately $166,000. 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.