Sage Therapeutics, Inc. (NASDAQ:SAGE) shares were down 13.7% during mid-day trading on Tuesday after Needham & lowered their price target on the stock from $95.00 to $86.00. Needham & currently has a buy rating on the stock. Sage Therapeutics traded as low as $67.00 and last traded at $76.40. Approximately 6,240,450 shares traded hands during trading, an increase of 1,561% from the average daily volume of 375,681 shares. The stock had previously closed at $88.52.

A number of other analysts also recently weighed in on the stock. J P Morgan Chase & Co reduced their target price on shares of Sage Therapeutics from $99.00 to $85.00 and set an “overweight” rating on the stock in a research report on Tuesday. Leerink Swann reaffirmed an “outperform” rating and issued a $97.00 target price (up from $90.00) on shares of Sage Therapeutics in a research report on Tuesday, June 20th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $90.00 target price on shares of Sage Therapeutics in a research report on Friday, July 14th. BidaskClub downgraded shares of Sage Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 28th. Finally, ValuEngine raised shares of Sage Therapeutics from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. Sage Therapeutics presently has an average rating of “Buy” and an average price target of $84.08.

A number of institutional investors have recently made changes to their positions in the stock. Dynamic Technology Lab Private Ltd boosted its stake in Sage Therapeutics by 164.4% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 7,513 shares of the biopharmaceutical company’s stock worth $598,000 after purchasing an additional 4,671 shares in the last quarter. Ameritas Investment Partners Inc. boosted its stake in Sage Therapeutics by 19.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,034 shares of the biopharmaceutical company’s stock worth $242,000 after purchasing an additional 497 shares in the last quarter. California State Teachers Retirement System boosted its stake in Sage Therapeutics by 3.2% in the 2nd quarter. California State Teachers Retirement System now owns 61,252 shares of the biopharmaceutical company’s stock worth $4,878,000 after purchasing an additional 1,910 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in Sage Therapeutics by 41.0% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 8,682 shares of the biopharmaceutical company’s stock worth $691,000 after purchasing an additional 2,525 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Sage Therapeutics by 13.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 26,980 shares of the biopharmaceutical company’s stock worth $2,149,000 after purchasing an additional 3,216 shares in the last quarter.

The stock has a 50-day moving average price of $82.79 and a 200 day moving average price of $74.97. The stock’s market cap is $2.63 billion.

Sage Therapeutics (NASDAQ:SAGE) last posted its earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($1.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.63) by ($0.25). During the same quarter in the prior year, the firm posted ($1.08) earnings per share. On average, equities analysts expect that Sage Therapeutics, Inc. will post ($7.38) earnings per share for the current year.

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Sage Therapeutics Company Profile

SAGE Therapeutics, Inc is a clinical-stage biopharmaceutical company. The Company is engaged in developing and commercializing medicines to treat central nervous system (CNS) disorders. The Company’s lead product candidate, SAGE-547 is an intravenous formulation of allopregnanolone, a neurosteroid that acts as a synaptic and extrasynaptic modulator of the Gamma-Amino Butyric Acid-A (GABAA) receptor.

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