Sage Therapeutics (NASDAQ:SAGE) Given New $8.50 Price Target at Canaccord Genuity Group

Sage Therapeutics (NASDAQ:SAGE) had its target price lifted by Canaccord Genuity Group from $8.00 to $8.50 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has a hold rating on the biopharmaceutical company’s stock.

Several other equities research analysts have also recently weighed in on the company. Bank of America started coverage on Sage Therapeutics in a research report on Tuesday, March 11th. They issued an “underperform” rating and a $5.00 price objective for the company. Needham & Company LLC reissued a “hold” rating on shares of Sage Therapeutics in a research report on Monday. Finally, Wall Street Zen cut Sage Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, June 7th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $8.93.

Sage Therapeutics Stock Up 0.6%

Shares of Sage Therapeutics stock opened at $9.12 on Tuesday. The stock has a market capitalization of $571.09 million, a P/E ratio of -1.57 and a beta of 0.18. The stock has a 50 day moving average price of $7.07 and a two-hundred day moving average price of $6.91. Sage Therapeutics has a 12-month low of $4.62 and a 12-month high of $13.47.

Sage Therapeutics (NASDAQ:SAGE) last announced its earnings results on Tuesday, April 29th. The biopharmaceutical company reported ($1.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $14.12 million. During the same period in the previous year, the company earned ($1.80) EPS. The firm’s revenue for the quarter was up 78.0% compared to the same quarter last year. Sell-side analysts anticipate that Sage Therapeutics will post -3.52 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SAGE. AlphaQuest LLC acquired a new position in Sage Therapeutics during the first quarter worth $32,000. Headlands Technologies LLC bought a new position in shares of Sage Therapeutics during the first quarter valued at $37,000. Picton Mahoney Asset Management lifted its holdings in shares of Sage Therapeutics by 126.0% during the fourth quarter. Picton Mahoney Asset Management now owns 6,423 shares of the biopharmaceutical company’s stock valued at $35,000 after acquiring an additional 3,581 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Sage Therapeutics by 16,118.0% during the first quarter. GAMMA Investing LLC now owns 8,109 shares of the biopharmaceutical company’s stock valued at $64,000 after acquiring an additional 8,059 shares during the period. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Sage Therapeutics during the fourth quarter valued at $49,000. 99.22% of the stock is owned by institutional investors.

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.