Sage Therapeutics, Inc. (NASDAQ:SAGE) Position Reduced by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. trimmed its stake in shares of Sage Therapeutics, Inc. (NASDAQ:SAGE) by 42.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 168,573 shares of the biopharmaceutical company’s stock after selling 124,678 shares during the quarter. Pinnacle Associates Ltd. owned approximately 0.28% of Sage Therapeutics worth $1,217,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Sage Therapeutics by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 5,751,373 shares of the biopharmaceutical company’s stock valued at $107,781,000 after acquiring an additional 432,013 shares during the last quarter. Bellevue Group AG boosted its stake in Sage Therapeutics by 27.1% during the 1st quarter. Bellevue Group AG now owns 4,465,544 shares of the biopharmaceutical company’s stock valued at $83,684,000 after acquiring an additional 952,193 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Sage Therapeutics by 69.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 811,934 shares of the biopharmaceutical company’s stock valued at $15,217,000 after acquiring an additional 333,805 shares during the last quarter. Federated Hermes Inc. acquired a new stake in shares of Sage Therapeutics during the second quarter worth $7,281,000. Finally, Renaissance Technologies LLC raised its holdings in shares of Sage Therapeutics by 1,476.6% during the second quarter. Renaissance Technologies LLC now owns 553,396 shares of the biopharmaceutical company’s stock worth $6,010,000 after purchasing an additional 518,296 shares during the period. 99.22% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SAGE has been the topic of a number of research reports. Wedbush dropped their target price on shares of Sage Therapeutics from $9.00 to $8.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Piper Sandler reissued an “overweight” rating and set a $26.00 target price (down from $52.00) on shares of Sage Therapeutics in a report on Wednesday. Scotiabank dropped their target price on shares of Sage Therapeutics from $17.00 to $14.00 and set a “sector outperform” rating on the stock in a report on Wednesday. Raymond James reissued a “market perform” rating on shares of Sage Therapeutics in a report on Thursday, October 10th. Finally, Royal Bank of Canada cut shares of Sage Therapeutics from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $10.00 to $4.00 in a report on Friday, October 4th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $12.89.

Sage Therapeutics Trading Down 0.5 %

Sage Therapeutics stock opened at $6.05 on Friday. The stock has a market cap of $370.10 million, a price-to-earnings ratio of -1.08 and a beta of 0.91. The company’s 50-day moving average price is $7.44 and its two-hundred day moving average price is $9.95. Sage Therapeutics, Inc. has a 52 week low of $5.84 and a 52 week high of $28.26.

Sage Therapeutics (NASDAQ:SAGE) last released its earnings results on Tuesday, October 29th. The biopharmaceutical company reported ($1.53) EPS for the quarter, missing the consensus estimate of ($1.52) by ($0.01). The company had revenue of $11.87 million for the quarter, compared to analyst estimates of $10.80 million. Sage Therapeutics had a negative net margin of 317.29% and a negative return on equity of 50.29%. The firm’s quarterly revenue was up 337.1% on a year-over-year basis. During the same period in the previous year, the business posted ($2.81) EPS. Research analysts expect that Sage Therapeutics, Inc. will post -6.43 earnings per share for the current fiscal year.

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.