Sage Therapeutics (NASDAQ:SAGE) Stock Price Crosses Above 50 Day Moving Average - Here's Why

Sage Therapeutics, Inc. (NASDAQ:SAGE - Get Free Report) shares crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $7.78 and traded as high as $9.19. Sage Therapeutics shares last traded at $9.17, with a volume of 1,068,311 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SAGE shares. Truist Financial set a $9.00 target price on shares of Sage Therapeutics and gave the stock a "hold" rating in a research note on Tuesday, June 17th. Wall Street Zen downgraded shares of Sage Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, June 7th. HC Wainwright restated a "neutral" rating and set a $12.00 price objective on shares of Sage Therapeutics in a research report on Tuesday, June 17th. Canaccord Genuity Group increased their price objective on shares of Sage Therapeutics from $8.00 to $8.50 and gave the company a "hold" rating in a research report on Tuesday, June 17th. Finally, Scotiabank downgraded shares of Sage Therapeutics from a "strong-buy" rating to a "hold" rating and lowered their price objective for the company from $12.00 to $9.20 in a research report on Tuesday, July 8th. Two investment analysts have rated the stock with a sell rating and sixteen have assigned a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $8.75.

Sage Therapeutics Trading Down 0.3%

The business's 50-day moving average price is $7.93 and its 200-day moving average price is $7.49. The stock has a market cap of $570.48 million, a PE ratio of -1.57 and a beta of 0.29.

Sage Therapeutics (NASDAQ:SAGE - Get Free Report) last released its earnings results on Tuesday, April 29th. The biopharmaceutical company reported ($1.01) earnings per share for the quarter, missing the consensus estimate of ($0.99) by ($0.02). The company had revenue of $14.06 million for 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 firm's revenue for the quarter was up 78.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.80) EPS. As a group, analysts predict that Sage Therapeutics, Inc. will post -3.52 earnings per share for the current year.

Hedge Funds Weigh In On Sage Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the business. AlphaQuest LLC purchased a new position in Sage Therapeutics during the first quarter worth about $32,000. Headlands Technologies LLC acquired a new stake in shares of Sage Therapeutics during the first quarter valued at about $37,000. GAMMA Investing LLC increased its position in shares of Sage Therapeutics by 16,118.0% during the first quarter. GAMMA Investing LLC now owns 8,109 shares of the biopharmaceutical company's stock valued at $64,000 after acquiring an additional 8,059 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Sage Therapeutics during the fourth quarter valued at about $49,000. Finally, FORA Capital LLC acquired a new stake in shares of Sage Therapeutics during the first quarter valued at about $83,000. 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.