Scotiabank Downgrades Sage Therapeutics (NASDAQ:SAGE) to Hold

Scotiabank cut shares of Sage Therapeutics (NASDAQ:SAGE - Free Report) from a strong-buy rating to a hold rating in a research report released on Tuesday morning, Marketbeat.com reports. The brokerage currently has $9.20 price objective on the biopharmaceutical company's stock, down from their previous price objective of $12.00.

A number of other research analysts have also recently commented on the stock. Bank of America began coverage on shares of Sage Therapeutics in a research report on Tuesday, March 11th. They set an "underperform" rating and a $5.00 target price on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Sage Therapeutics in a research note on Monday, June 16th. Wall Street Zen downgraded shares of Sage Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, June 7th. Canaccord Genuity Group upped their price target on shares of Sage Therapeutics from $8.00 to $8.50 and gave the company a "hold" rating in a report on Tuesday, June 17th. Finally, Piper Sandler downgraded shares of Sage Therapeutics from a "strong-buy" rating to a "hold" rating and reduced their price objective for the company from $9.00 to $8.50 in a research note on Tuesday, June 17th. Two investment analysts have rated the stock with a sell rating and sixteen have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $8.75.

Sage Therapeutics Stock Down 0.1%

Shares of NASDAQ:SAGE traded down $0.01 during midday trading on Tuesday, reaching $9.20. The company's stock had a trading volume of 1,467,212 shares, compared to its average volume of 1,314,912. The firm has a market cap of $575.79 million, a price-to-earnings ratio of -1.59 and a beta of 0.29. Sage Therapeutics has a 1 year low of $4.62 and a 1 year high of $13.47. The business has a 50 day moving average price of $7.62 and a 200 day moving average price of $7.31.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SAGE. Caligan Partners LP acquired a new position in shares of Sage Therapeutics in the 4th quarter valued at about $16,575,000. TIG Advisors LLC bought a new stake in Sage Therapeutics in the 1st quarter valued at about $21,722,000. Boothbay Fund Management LLC bought a new stake in Sage Therapeutics in the 4th quarter valued at about $7,540,000. ADAR1 Capital Management LLC lifted its position in Sage Therapeutics by 3,767.2% in the 1st quarter. ADAR1 Capital Management LLC now owns 742,495 shares of the biopharmaceutical company's stock valued at $5,903,000 after purchasing an additional 723,295 shares during the last quarter. Finally, Nuveen LLC bought a new stake in Sage Therapeutics in the 1st quarter valued at about $4,757,000. 99.22% of the stock is owned by institutional investors and hedge funds.

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.