Sage Therapeutics, Inc. (SAGE) Stock Price Up 11.7% Following Earnings Beat

Shares of Sage Therapeutics, Inc. (NASDAQ:SAGE) rose 11.7% during trading on Friday following a stronger than expected earnings report. The stock traded as high as $69.33 and last traded at $69.08. Approximately 862,702 shares traded hands during mid-day trading, an increase of 119% from the average daily volume of 394,203 shares. The stock had previously closed at $61.83.

The biopharmaceutical company reported ($1.97) EPS for the quarter, beating the Zacks’ consensus estimate of ($1.98) by $0.01. The firm’s revenue was up .0% compared to the same quarter last year.

SAGE has been the subject of a number of research reports. 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. SunTrust Banks, Inc. reissued a “buy” rating and issued a $82.00 price objective (down previously from $95.00) on shares of Sage Therapeutics in a research note on Wednesday, September 13th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $117.00 target price on shares of Sage Therapeutics in a research report on Wednesday, October 18th. Stifel Nicolaus initiated coverage on Sage Therapeutics in a research report on Wednesday, August 9th. They set a “buy” rating and a $104.00 target price on the stock. Finally, BMO Capital Markets lifted their target price on Sage Therapeutics from $80.00 to $84.00 and gave the company an “outperform” rating in a research report on Thursday, September 14th. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $86.71.

A number of hedge funds have recently bought and sold shares of SAGE. Parametric Portfolio Associates LLC boosted its position in Sage Therapeutics by 31.2% in the first quarter. Parametric Portfolio Associates LLC now owns 24,576 shares of the biopharmaceutical company’s stock worth $1,747,000 after purchasing an additional 5,842 shares during the last quarter. Principal Financial Group Inc. boosted its position in Sage Therapeutics by 1.1% in the first quarter. Principal Financial Group Inc. now owns 5,623 shares of the biopharmaceutical company’s stock worth $400,000 after purchasing an additional 62 shares during the last quarter. Teachers Advisors LLC boosted its position in Sage Therapeutics by 139.5% in the first quarter. Teachers Advisors LLC now owns 118,072 shares of the biopharmaceutical company’s stock worth $8,391,000 after purchasing an additional 68,776 shares during the last quarter. Legal & General Group Plc boosted its position in Sage Therapeutics by 9.5% in the first quarter. Legal & General Group Plc now owns 10,748 shares of the biopharmaceutical company’s stock worth $755,000 after purchasing an additional 934 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Sage Therapeutics by 10.8% in the first quarter. Vanguard Group Inc. now owns 2,691,275 shares of the biopharmaceutical company’s stock worth $191,269,000 after purchasing an additional 261,759 shares during the last quarter.

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About Sage Therapeutics

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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