SAGE Therapeutics Inc (NASDAQ:SAGE)’s share price was up 6.8% during mid-day trading on Friday . The stock traded as high as $167.35 and last traded at $165.89. Approximately 728,768 shares were traded during mid-day trading, an increase of 20% from the average daily volume of 607,235 shares. The stock had previously closed at $155.40.
Several equities analysts have issued reports on SAGE shares. J P Morgan Chase & Co dropped their price target on SAGE Therapeutics from $99.00 to $85.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 12th. Royal Bank of Canada dropped their price target on SAGE Therapeutics from $145.00 to $137.00 and set an “outperform” rating on the stock in a research note on Monday, November 27th. Chardan Capital raised SAGE Therapeutics from a “neutral” rating to a “buy” rating and boosted their price target for the company from $60.00 to $140.00 in a research note on Friday, November 10th. Canaccord Genuity decreased their price objective on SAGE Therapeutics from $110.00 to $81.00 and set a “buy” rating for the company in a report on Tuesday, September 12th. Finally, Leerink Swann boosted their price objective on SAGE Therapeutics from $85.00 to $123.00 and gave the company a “positive” rating in a report on Thursday, November 9th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $171.21.
The stock has a market cap of $6,379.80, a price-to-earnings ratio of -24.15 and a beta of 3.03.
In related news, insider Albert Robichaud sold 60,000 shares of the company’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $159.43, for a total transaction of $9,565,800.00. Following the completion of the sale, the insider now owns 152,759 shares in the company, valued at $24,354,367.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jeffrey M. Jonas sold 210,247 shares of the company’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $157.45, for a total value of $33,103,390.15. Following the sale, the chief executive officer now owns 211,473 shares of the company’s stock, valued at approximately $33,296,423.85. The disclosure for this sale can be found here. Corporate insiders own 6.10% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its stake in SAGE Therapeutics by 36.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,710,027 shares of the biopharmaceutical company’s stock valued at $168,834,000 after purchasing an additional 724,494 shares during the period. BlackRock Inc. grew its stake in SAGE Therapeutics by 5.9% in the 2nd quarter. BlackRock Inc. now owns 3,031,548 shares of the biopharmaceutical company’s stock valued at $241,431,000 after purchasing an additional 168,424 shares during the period. New York State Common Retirement Fund grew its stake in SAGE Therapeutics by 258.0% in the 3rd quarter. New York State Common Retirement Fund now owns 149,564 shares of the biopharmaceutical company’s stock valued at $9,318,000 after purchasing an additional 107,782 shares during the period. Farallon Capital Management LLC bought a new position in SAGE Therapeutics in the 2nd quarter valued at $7,964,000. Finally, State Street Corp grew its stake in SAGE Therapeutics by 7.7% in the 2nd quarter. State Street Corp now owns 1,212,384 shares of the biopharmaceutical company’s stock valued at $96,558,000 after purchasing an additional 87,097 shares during the period. Institutional investors and hedge funds own 95.33% of the company’s stock.
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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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