Pinnacle Associates Ltd. Has $1.22 Million Stock Position in Sage Therapeutics, Inc. (NASDAQ:SAGE)

Pinnacle Associates Ltd. lessened its stake in Sage Therapeutics, Inc. (NASDAQ:SAGE - Free Report) by 42.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 168,573 shares of the biopharmaceutical company's stock after selling 124,678 shares during the quarter. Pinnacle Associates Ltd. owned 0.28% of Sage Therapeutics worth $1,217,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Headlands Technologies LLC increased its stake in Sage Therapeutics by 245.3% in the 2nd quarter. Headlands Technologies LLC now owns 3,916 shares of the biopharmaceutical company's stock valued at $43,000 after buying an additional 2,782 shares during the period. China Universal Asset Management Co. Ltd. increased its stake in Sage Therapeutics by 66.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,742 shares of the biopharmaceutical company's stock valued at $85,000 after buying an additional 4,672 shares during the period. Creative Planning acquired a new position in Sage Therapeutics in the 3rd quarter valued at approximately $88,000. Lazard Asset Management LLC bought a new stake in Sage Therapeutics in the first quarter worth approximately $127,000. Finally, Quest Partners LLC grew its position in Sage Therapeutics by 14.5% in the second 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 in the last quarter. Institutional investors and hedge funds own 99.22% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on SAGE. Robert W. Baird decreased their target price on shares of Sage Therapeutics from $13.00 to $9.00 and set a "neutral" rating for the company in a research report on Wednesday, October 9th. Oppenheimer decreased 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 report on Wednesday. JPMorgan Chase & Co. decreased their target price on shares of Sage Therapeutics from $12.00 to $10.00 and set a "neutral" rating for the company in a research report on Tuesday, August 6th. Truist Financial decreased 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. Finally, Scotiabank decreased 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 report on Wednesday. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $12.89.

Sage Therapeutics Stock Down 0.5 %

Sage Therapeutics stock traded down $0.03 during mid-day trading on Friday, reaching $6.05. The company had a trading volume of 1,060,733 shares, compared to its average volume of 770,916. Sage Therapeutics, Inc. has a 52 week low of $5.84 and a 52 week high of $28.26. The company has a 50 day moving average of $7.39 and a 200-day moving average of $9.88. The firm has a market cap of $370.08 million, a price-to-earnings ratio of -1.08 and a beta of 0.92.

Sage Therapeutics (NASDAQ:SAGE - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported ($1.53) earnings per share for the quarter, missing analysts' consensus estimates of ($1.52) by ($0.01). Sage Therapeutics had a negative net margin of 317.29% and a negative return on equity of 50.29%. The company had revenue of $11.87 million during the quarter, compared to the consensus estimate of $10.80 million. During the same period last year, the company earned ($2.81) earnings per share. Sage Therapeutics's revenue for the quarter was up 337.1% on a year-over-year basis. On average, analysts predict that Sage Therapeutics, Inc. will post -6.5 earnings per share for the current fiscal year.

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.