Sage Therapeutics (NASDAQ:SAGE) Price Target Cut to $8.00 by Analysts at Canaccord Genuity Group

Sage Therapeutics (NASDAQ:SAGE - Get Free Report) had its price objective lowered by equities researchers at Canaccord Genuity Group from $9.00 to $8.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "hold" rating on the biopharmaceutical company's stock. Canaccord Genuity Group's price target would indicate a potential upside of 12.04% from the company's current price.

Other equities research analysts also recently issued reports about the stock. Royal Bank of Canada raised shares of Sage Therapeutics from an "underperform" rating to a "sector perform" rating and set a $4.00 price objective on the stock in a research report on Thursday, November 21st. Oppenheimer reduced their target price on shares of Sage Therapeutics from $9.00 to $8.00 and set a "market perform" rating for the company in a research note on Wednesday, October 30th. Scotiabank reduced their target price on shares of Sage Therapeutics from $17.00 to $14.00 and set a "sector outperform" rating for the company in a research note on Wednesday, October 30th. Stifel Nicolaus reduced their target price on shares of Sage Therapeutics from $10.00 to $6.00 and set a "hold" rating for the company in a research note on Monday, December 16th. Finally, HC Wainwright restated a "neutral" rating and issued a $12.00 target price (down previously from $14.00) on shares of Sage Therapeutics in a research note on Wednesday. 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. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $9.65.

Sage Therapeutics Stock Performance

Shares of Sage Therapeutics stock traded down $0.04 on Wednesday, reaching $7.14. The company had a trading volume of 1,943,315 shares, compared to its average volume of 2,832,859. The firm's 50 day moving average price is $6.40 and its two-hundred day moving average price is $6.91. The firm has a market cap of $436.75 million, a PE ratio of -1.28 and a beta of 0.94. Sage Therapeutics has a 52-week low of $4.62 and a 52-week high of $26.25.

Sage Therapeutics (NASDAQ:SAGE - Get Free Report) last announced its earnings results on Tuesday, February 11th. The biopharmaceutical company reported ($1.56) earnings per share for the quarter, missing the consensus estimate 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%. As a group, sell-side analysts predict that Sage Therapeutics will post -6.46 EPS for the current year.

Hedge Funds Weigh In On Sage Therapeutics

Several hedge funds have recently added to or reduced their stakes in SAGE. Caligan Partners LP acquired a new stake in shares of Sage Therapeutics during the 4th quarter worth about $16,575,000. Jane Street Group LLC boosted its stake in shares of Sage Therapeutics by 103.1% during the 4th quarter. Jane Street Group LLC now owns 462,004 shares of the biopharmaceutical company's stock worth $2,509,000 after purchasing an additional 234,528 shares during the last quarter. PDT Partners LLC boosted its stake in shares of Sage Therapeutics by 37.2% during the 4th quarter. PDT Partners LLC now owns 235,097 shares of the biopharmaceutical company's stock worth $1,277,000 after purchasing an additional 63,804 shares during the last quarter. AdvisorShares Investments LLC boosted its position in shares of Sage Therapeutics by 104.9% in the fourth quarter. AdvisorShares Investments LLC now owns 47,800 shares of the biopharmaceutical company's stock worth $260,000 after acquiring an additional 24,470 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of Sage Therapeutics by 6.0% in the fourth quarter. Northern Trust Corp now owns 524,420 shares of the biopharmaceutical company's stock worth $2,848,000 after acquiring an additional 29,560 shares during the last quarter. 99.22% of the stock is currently owned by hedge funds and other 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.