Investors Buy Sage Therapeutics (SAGE) on Weakness Following Analyst Downgrade
Traders purchased shares of Sage Therapeutics, Inc. (NASDAQ:SAGE) on weakness during trading on Tuesday after Royal Bank Of Canada lowered their price target on the stock from $145.00 to $137.00. $25.57 million flowed into the stock on the tick-up and $17.98 million flowed out of the stock on the tick-down, for a money net flow of $7.59 million into the stock. Of all companies tracked, Sage Therapeutics had the 27th highest net in-flow for the day. Sage Therapeutics traded down ($0.32) for the day and closed at $96.01
Other equities research analysts have also issued reports about the company. Canaccord Genuity reduced their price objective on Sage Therapeutics from $110.00 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, September 12th. Stifel Nicolaus began coverage on Sage Therapeutics in a research note on Wednesday, August 9th. They issued a “buy” rating and a $104.00 price objective for the company. Needham & Company LLC set a $95.00 price objective on Sage Therapeutics and gave the stock a “buy” rating in a research note on Friday, August 4th. BidaskClub lowered Sage Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Finally, BMO Capital Markets restated an “outperform” rating and issued a $112.00 price objective (up from $85.67) on shares of Sage Therapeutics in a research note on Friday, November 17th. Three equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Sage Therapeutics has a consensus rating of “Buy” and a consensus price target of $105.14.
Hedge funds have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Sage Therapeutics by 11.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,378 shares of the biopharmaceutical company’s stock worth $110,000 after buying an additional 138 shares in the last quarter. Hershey Trust Co. purchased a new stake in Sage Therapeutics in the 3rd quarter worth $118,000. Oppenheimer Asset Management Inc. increased its stake in Sage Therapeutics by 412.9% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 1,944 shares of the biopharmaceutical company’s stock worth $122,000 after buying an additional 1,565 shares in the last quarter. Bessemer Group Inc. purchased a new stake in Sage Therapeutics in the 3rd quarter worth $141,000. Finally, Turner Investments LLC purchased a new stake in Sage Therapeutics in the 2nd quarter worth $159,000. Institutional investors and hedge funds own 95.40% of the company’s stock.
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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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