Bank of America Lowers Sage Therapeutics (NASDAQ:SAGE) Price Target to $6.00

Sage Therapeutics (NASDAQ:SAGE) had its price target lowered by stock analysts at Bank of America from $11.00 to $6.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “underperform” rating on the biopharmaceutical company’s stock. Bank of America‘s price target would indicate a potential downside of 5.81% from the stock’s current price.

A number of other research firms have also recently issued reports on SAGE. Scotiabank decreased 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 report on Thursday, July 25th. JPMorgan Chase & Co. reduced their price target on Sage Therapeutics from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, August 6th. HC Wainwright reiterated a “neutral” rating and issued a $25.00 price objective on shares of Sage Therapeutics in a report on Wednesday. TD Cowen cut Sage Therapeutics from a “buy” rating to a “hold” rating and reduced their target price for the company from $16.00 to $10.00 in a research note on Tuesday, July 30th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Sage Therapeutics in a research note on Tuesday. Two analysts have rated the stock with a sell rating, eighteen have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $13.76.

Sage Therapeutics Stock Performance

SAGE stock opened at $6.37 on Wednesday. The firm has a market cap of $388.89 million, a P/E ratio of -0.76 and a beta of 0.91. The firm’s fifty day moving average is $7.74 and its 200 day moving average is $10.99. Sage Therapeutics has a 52 week low of $5.84 and a 52 week high of $28.26.

Sage Therapeutics (NASDAQ:SAGE) last announced its quarterly earnings data on Wednesday, July 31st. The biopharmaceutical company reported ($1.70) earnings per share for the quarter, missing the consensus estimate of ($1.68) by ($0.02). Sage Therapeutics had a negative net margin of 458.30% and a negative return on equity of 55.87%. The company had revenue of $8.65 million during the quarter, compared to the consensus estimate of $8.85 million. During the same quarter in the previous year, the firm posted ($2.68) EPS. The business’s revenue for the quarter was up 249.8% compared to the same quarter last year. As a group, analysts forecast that Sage Therapeutics will post -6.47 EPS for the current year.

Hedge Funds Weigh In On Sage Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of SAGE. Headlands Technologies LLC grew its position in Sage Therapeutics by 245.3% during the 2nd quarter. Headlands Technologies LLC now owns 3,916 shares of the biopharmaceutical company’s stock valued at $43,000 after purchasing an additional 2,782 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Sage Therapeutics during the first quarter valued at approximately $127,000. Virtu Financial LLC bought a new stake in shares of Sage Therapeutics during the first quarter valued at approximately $187,000. China Universal Asset Management Co. Ltd. raised its holdings in Sage Therapeutics by 66.6% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 11,554 shares of the biopharmaceutical company’s stock worth $217,000 after acquiring an additional 4,617 shares during the last quarter. Finally, Quest Partners LLC raised its holdings in Sage Therapeutics by 14.5% in the 2nd quarter. Quest Partners LLC now owns 11,763 shares of the biopharmaceutical company’s stock worth $128,000 after acquiring an additional 1,486 shares during the last quarter. 99.22% of the stock is currently owned by institutional investors.

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.