Sage Therapeutics (NASDAQ:SAGE) Rating Lowered to Hold at Scotiabank

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

A number of other brokerages have also recently issued reports on SAGE. Wall Street Zen cut Sage Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, June 7th. Needham & Company LLC reissued a "hold" rating on shares of Sage Therapeutics in a report on Monday, June 16th. Canaccord Genuity Group increased their price objective on Sage Therapeutics from $8.00 to $8.50 and gave the stock a "hold" rating in a report on Tuesday, June 17th. Piper Sandler cut Sage Therapeutics from a "strong-buy" rating to a "hold" rating and dropped their price objective for the stock from $9.00 to $8.50 in a report on Tuesday, June 17th. Finally, Robert W. Baird increased their price objective on Sage Therapeutics from $7.00 to $9.00 and gave the stock a "neutral" rating in a report on Friday, June 20th. Two analysts have rated the stock with a sell rating and sixteen have given a hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $8.75.

Sage Therapeutics Trading Up 0.5%

Shares of SAGE stock traded up $0.05 on Tuesday, hitting $9.26. 621,385 shares of the stock were exchanged, compared to its average volume of 1,723,984. The firm has a market capitalization of $579.55 million, a PE ratio of -1.60 and a beta of 0.29. Sage Therapeutics has a one year low of $4.62 and a one year high of $13.47. The firm's 50 day moving average is $7.66 and its two-hundred day moving average is $7.34.

Sage Therapeutics (NASDAQ:SAGE - Get Free Report) last posted its quarterly 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 firm had revenue of $14.06 million for the quarter, compared to the consensus estimate 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 was up 78.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.80) EPS. On average, sell-side analysts expect that Sage Therapeutics will post -3.52 earnings per share for the current year.

Institutional Trading of Sage Therapeutics

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

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.