Sage Therapeutics (NASDAQ:SAGE) Shares Pass Above 50 Day Moving Average - Here's Why

Shares of Sage Therapeutics, Inc. (NASDAQ:SAGE - Get Free Report) passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $7.50 and traded as high as $9.22. Sage Therapeutics shares last traded at $9.20, with a volume of 3,011,754 shares changing hands.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. HC Wainwright reissued a "neutral" rating and set a $12.00 target price on shares of Sage Therapeutics in a research report on Tuesday, June 17th. Piper Sandler cut shares of Sage Therapeutics from a "strong-buy" rating to a "hold" rating and decreased their price objective for the stock from $9.00 to $8.50 in a research report on Tuesday, June 17th. Truist Financial set a $9.00 target price on shares of Sage Therapeutics and gave the company a "hold" rating in a report on Tuesday, June 17th. Wall Street Zen cut shares of Sage Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, June 7th. Finally, Bank of America initiated coverage on Sage Therapeutics in a report on Tuesday, March 11th. They set an "underperform" rating and a $5.00 price target for the company. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $8.93.

Sage Therapeutics Price Performance

The firm has a fifty day simple moving average of $7.50 and a 200-day simple moving average of $7.20. The firm has a market cap of $575.79 million, a P/E ratio of -1.59 and a beta of 0.29.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. US Bancorp DE increased its position in shares of Sage Therapeutics by 22.3% during the fourth quarter. US Bancorp DE now owns 12,430 shares of the biopharmaceutical company's stock worth $67,000 after acquiring an additional 2,268 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Sage Therapeutics by 21.6% during the 4th quarter. Teacher Retirement System of Texas now owns 13,768 shares of the biopharmaceutical company's stock valued at $75,000 after purchasing an additional 2,446 shares during the last quarter. Picton Mahoney Asset Management increased its holdings in Sage Therapeutics by 126.0% during the 4th quarter. Picton Mahoney Asset Management now owns 6,423 shares of the biopharmaceutical company's stock worth $35,000 after purchasing an additional 3,581 shares in the last quarter. AlphaQuest LLC bought a new stake in Sage Therapeutics during the 1st quarter worth approximately $32,000. Finally, ProShare Advisors LLC raised its stake in shares of Sage Therapeutics by 31.2% in the fourth quarter. ProShare Advisors LLC now owns 18,281 shares of the biopharmaceutical company's stock worth $99,000 after purchasing an additional 4,350 shares during the last quarter. 99.22% of the stock is 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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