Sage Therapeutics (NASDAQ:SAGE) Downgraded by Bank of America to “Underperform”

Bank of America downgraded shares of Sage Therapeutics (NASDAQ:SAGE) from a neutral rating to an underperform rating in a report published on Wednesday morning, MarketBeat reports. Bank of America currently has $14.00 price objective on the biopharmaceutical company’s stock, down from their previous price objective of $24.00.

A number of other research analysts have also recently weighed in on SAGE. HC Wainwright lifted their target price on shares of Sage Therapeutics from $25.00 to $28.00 and gave the company a neutral rating in a research note on Thursday, February 15th. Morgan Stanley lifted their target price on shares of Sage Therapeutics from $20.00 to $22.00 and gave the company an equal weight rating in a research note on Wednesday, February 28th. Royal Bank of Canada lifted their target price on shares of Sage Therapeutics from $21.00 to $26.00 and gave the company a sector perform rating in a research note on Thursday, February 15th. JPMorgan Chase & Co. lifted their price target on shares of Sage Therapeutics from $24.00 to $29.00 and gave the company an overweight rating in a report on Tuesday, March 26th. Finally, StockNews.com upgraded shares of Sage Therapeutics from a sell rating to a hold rating in a report on Thursday, February 15th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Hold and a consensus target price of $39.28.

Sage Therapeutics Price Performance

Shares of Sage Therapeutics stock opened at $13.33 on Wednesday. The company’s fifty day simple moving average is $19.85 and its 200-day simple moving average is $20.91. The stock has a market capitalization of $801.23 million, a PE ratio of -1.47 and a beta of 0.86. Sage Therapeutics has a 1-year low of $10.92 and a 1-year high of $59.99.

Sage Therapeutics (NASDAQ:SAGE) last issued its quarterly earnings results on Wednesday, February 14th. The biopharmaceutical company reported ($0.55) earnings per share for the quarter, topping the consensus estimate of ($1.28) by $0.73. The business had revenue of $77.97 million for the quarter, compared to analysts’ expectations of $60.15 million. Sage Therapeutics had a negative net margin of 626.32% and a negative return on equity of 54.41%. The company’s revenue was up 2621.5% compared to the same quarter last year. During the same quarter last year, the company posted ($2.47) EPS. As a group, research analysts anticipate that Sage Therapeutics will post -6.06 EPS for the current year.

Hedge Funds Weigh In On Sage Therapeutics

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Sage Therapeutics by 3.5% during the 3rd quarter. Vanguard Group Inc. now owns 5,208,002 shares of the biopharmaceutical company’s stock worth $107,181,000 after purchasing an additional 175,565 shares during the period. Wellington Management Group LLP boosted its stake in shares of Sage Therapeutics by 3.3% during the 3rd quarter. Wellington Management Group LLP now owns 6,572,260 shares of the biopharmaceutical company’s stock worth $135,257,000 after purchasing an additional 208,630 shares during the period. Algert Global LLC purchased a new position in shares of Sage Therapeutics during the 3rd quarter worth about $1,167,000. Rafferty Asset Management LLC boosted its stake in shares of Sage Therapeutics by 197.1% during the 3rd quarter. Rafferty Asset Management LLC now owns 411,904 shares of the biopharmaceutical company’s stock worth $8,477,000 after purchasing an additional 273,257 shares during the period. Finally, Primecap Management Co. CA boosted its stake in shares of Sage Therapeutics by 41.3% during the 3rd quarter. Primecap Management Co. CA now owns 89,850 shares of the biopharmaceutical company’s stock worth $1,849,000 after purchasing an additional 26,250 shares during the period. 99.22% of the stock is owned by hedge funds and other 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.