Canaccord Genuity Group Cuts Sage Therapeutics (NASDAQ:SAGE) Price Target to $8.00

Sage Therapeutics (NASDAQ:SAGE) had its price target reduced by stock analysts at Canaccord Genuity Group from $9.00 to $8.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the biopharmaceutical company’s stock. Canaccord Genuity Group’s price target would suggest a potential upside of 11.27% from the company’s current price.

A number of other analysts have also issued reports on SAGE. Stifel Nicolaus reduced their price target on shares of Sage Therapeutics from $10.00 to $6.00 and set a “hold” rating for the company in a research report on Monday, December 16th. Truist Financial cut their target price on shares of Sage Therapeutics from $13.00 to $8.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. TD Cowen lowered their price target on shares of Sage Therapeutics from $10.00 to $9.00 and set a “hold” rating on the stock in a report on Thursday, November 21st. Scotiabank cut their price objective on Sage Therapeutics from $17.00 to $14.00 and set a “sector outperform” rating for the company in a report on Wednesday, October 30th. Finally, StockNews.com downgraded Sage Therapeutics from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $9.88.

Sage Therapeutics Stock Performance

NASDAQ SAGE opened at $7.19 on Wednesday. The stock has a market capitalization of $439.81 million, a P/E ratio of -1.29 and a beta of 0.94. The business’s fifty day moving average is $6.28 and its two-hundred day moving average is $6.96. Sage Therapeutics has a 1 year low of $4.62 and a 1 year high of $27.39.

Sage Therapeutics (NASDAQ:SAGE) last issued its quarterly earnings results on Tuesday, February 11th. The biopharmaceutical company reported ($1.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.54) by ($0.02). Sage Therapeutics had a negative return on equity of 50.29% and a negative net margin of 317.29%. On average, research analysts forecast that Sage Therapeutics will post -6.46 earnings per share for the current year.

Institutional Investors Weigh In On Sage Therapeutics

Large investors have recently made changes to their positions in the company. US Bancorp DE increased its holdings in Sage Therapeutics by 22.3% during the 4th quarter. US Bancorp DE now owns 12,430 shares of the biopharmaceutical company’s stock valued at $67,000 after purchasing an additional 2,268 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Sage Therapeutics by 21.6% during the fourth quarter. Teacher Retirement System of Texas now owns 13,768 shares of the biopharmaceutical company’s stock worth $75,000 after purchasing an additional 2,446 shares during the last quarter. Picton Mahoney Asset Management increased its stake in shares of Sage Therapeutics by 126.0% in the fourth quarter. Picton Mahoney Asset Management now owns 6,423 shares of the biopharmaceutical company’s stock valued at $35,000 after buying an additional 3,581 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Sage Therapeutics by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,242,854 shares of the biopharmaceutical company’s stock valued at $8,975,000 after buying an additional 3,757 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its position in Sage Therapeutics by 66.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,742 shares of the biopharmaceutical company’s stock worth $85,000 after buying an additional 4,672 shares in the last quarter. Institutional investors own 99.22% of the company’s stock.

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.