Sage Therapeutics (NASDAQ:SAGE) Stock Price Down 7.1% After Earnings Miss

Sage Therapeutics, Inc. (NASDAQ:SAGE)’s stock price traded down 7.1% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $10.17 and last traded at $10.17. 14,783 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 1,101,245 shares. The stock had previously closed at $10.95.

The biopharmaceutical company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.68) by ($0.02). The company had revenue of $8.65 million during the quarter, compared to the consensus estimate of $8.85 million. Sage Therapeutics had a negative net margin of 552.52% and a negative return on equity of 56.81%. During the same period in the previous year, the business posted ($2.68) earnings per share. The firm’s revenue was up 249.8% on a year-over-year basis.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. The Goldman Sachs Group lowered their target price on shares of Sage Therapeutics from $19.00 to $11.00 and set a “neutral” rating on the stock in a research note on Friday, July 26th. Royal Bank of Canada dropped their price objective on Sage Therapeutics from $26.00 to $15.00 and set a “sector perform” rating on the stock in a research note on Friday, April 26th. Canaccord Genuity Group lowered their target price on Sage Therapeutics from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Friday, April 26th. Truist Financial cut their price target on Sage Therapeutics from $22.00 to $18.00 and set a “hold” rating for the company in a report on Friday, April 26th. Finally, Scotiabank lowered their price objective on shares of Sage Therapeutics from $19.00 to $17.00 and set a “sector outperform” rating on the stock in a research note on Thursday, July 25th. Two investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $33.25.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SAGE. Lazard Asset Management LLC bought a new stake in Sage Therapeutics during the 1st quarter worth about $127,000. China Universal Asset Management Co. Ltd. boosted its position in shares of Sage Therapeutics by 353.1% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 6,937 shares of the biopharmaceutical company’s stock worth $150,000 after purchasing an additional 5,406 shares during the last quarter. SG Americas Securities LLC bought a new position in Sage Therapeutics during the second quarter worth about $177,000. Virtu Financial LLC acquired a new position in Sage Therapeutics during the first quarter valued at approximately $187,000. Finally, ProShare Advisors LLC increased its stake in Sage Therapeutics by 9.0% in the first quarter. ProShare Advisors LLC now owns 13,713 shares of the biopharmaceutical company’s stock valued at $257,000 after purchasing an additional 1,130 shares in the last quarter. 99.22% of the stock is currently owned by institutional investors.

Sage Therapeutics Stock Down 5.1 %

The company’s fifty day simple moving average is $11.23 and its two-hundred day simple moving average is $16.43. The company has a market capitalization of $625.27 million, a price-to-earnings ratio of -1.30 and a beta of 0.90.

Sage Therapeutics Company Profile

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.