Sage Therapeutics (NASDAQ:SAGE) Stock Crosses Below 200 Day Moving Average – Here’s What Happened

Shares of Sage Therapeutics, Inc. (NASDAQ:SAGE) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $7.67 and traded as low as $5.72. Sage Therapeutics shares last traded at $5.85, with a volume of 722,997 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on SAGE shares. Piper Sandler cut their target price on Sage Therapeutics from $26.00 to $9.00 and set an “overweight” rating on the stock in a report on Thursday, January 2nd. TD Cowen cut their price objective on shares of Sage Therapeutics from $10.00 to $9.00 and set a “hold” rating on the stock in a report on Thursday, November 21st. Stifel Nicolaus lowered their target price on shares of Sage Therapeutics from $10.00 to $6.00 and set a “hold” rating for the company in a report on Monday, December 16th. Oppenheimer cut their price target on shares of Sage Therapeutics from $9.00 to $8.00 and set a “market perform” rating on the stock in a report on Wednesday, October 30th. Finally, Royal Bank of Canada upgraded shares of Sage Therapeutics from an “underperform” rating to a “sector perform” rating and set a $4.00 price objective for the company in a research note on Thursday, November 21st. Three investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $10.53.

Sage Therapeutics Stock Down 2.2 %

The company has a market cap of $357.86 million, a P/E ratio of -1.05 and a beta of 0.91. The firm’s 50-day moving average price is $5.59 and its 200-day moving average price is $7.67.

Sage Therapeutics (NASDAQ:SAGE) last announced its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported ($1.53) earnings per share for the quarter, missing the consensus estimate of ($1.52) by ($0.01). The company had revenue of $11.87 million during the quarter, compared to analysts’ expectations of $10.80 million. Sage Therapeutics had a negative net margin of 317.29% and a negative return on equity of 50.29%. Sage Therapeutics’s revenue for the quarter was up 337.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($2.81) earnings per share. As a group, analysts forecast that Sage Therapeutics, Inc. will post -6.53 earnings per share for the current year.

Institutional Investors Weigh In On Sage Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Federated Hermes Inc. bought a new position in Sage Therapeutics in the 2nd quarter valued at $7,281,000. Renaissance Technologies LLC raised its holdings in shares of Sage Therapeutics by 1,476.6% in the 2nd quarter. Renaissance Technologies LLC now owns 553,396 shares of the biopharmaceutical company’s stock valued at $6,010,000 after acquiring an additional 518,296 shares in the last quarter. State Street Corp boosted its position in shares of Sage Therapeutics by 18.2% during the 3rd quarter. State Street Corp now owns 2,926,239 shares of the biopharmaceutical company’s stock valued at $21,127,000 after acquiring an additional 451,377 shares during the last quarter. Cubist Systematic Strategies LLC boosted its position in shares of Sage Therapeutics by 831.2% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 489,089 shares of the biopharmaceutical company’s stock valued at $5,312,000 after acquiring an additional 436,566 shares during the last quarter. Finally, Squarepoint Ops LLC increased its position in shares of Sage Therapeutics by 1,112.0% in the second quarter. Squarepoint Ops LLC now owns 313,407 shares of the biopharmaceutical company’s stock worth $3,404,000 after purchasing an additional 287,549 shares during the last quarter. 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.