Shares of Sage Therapeutics Inc. (NASDAQ:SAGE) dropped 2.8% during trading on Thursday . The stock traded as low as $31.40 and last traded at $31.40, with a volume of 294,805 shares trading hands. The stock had previously closed at $32.32.

SAGE has been the topic of several recent analyst reports. Lake Street Capital initiated coverage on Sage Therapeutics in a research note on Friday, March 11th. They set a “buy” rating and a $90.00 target price on the stock. Canaccord Genuity reiterated a “buy” rating and set a $110.00 target price on shares of Sage Therapeutics in a research note on Thursday, March 24th. William Blair restated a “buy” rating on shares of Sage Therapeutics in a research note on Sunday, March 27th. Goldman Sachs Group Inc. initiated coverage on Sage Therapeutics in a research note on Wednesday, March 30th. They issued a “neutral” rating and a $83.00 price target on the stock. Finally, Leerink Swann restated a “buy” rating and issued a $66.00 price target on shares of Sage Therapeutics in a research note on Friday, April 8th. One investment analyst has rated the stock with a sell rating and ten have assigned a buy rating to the stock. Sage Therapeutics has a consensus rating of “Buy” and an average target price of $64.64.

The company’s market cap is $1.09 billion. The company has a 50-day moving average price of $30.99 and a 200 day moving average price of $35.44.

Sage Therapeutics (NASDAQ:SAGE) last issued its quarterly earnings results on Thursday, May 5th. The biopharmaceutical company reported ($0.97) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.98) by $0.01. Equities analysts anticipate that Sage Therapeutics Inc. will post ($4.26) earnings per share for the current year.

In other news, insider Stephen Kanes sold 21,000 shares of the company’s stock in a transaction on Tuesday, April 19th. The stock was sold at an average price of $38.00, for a total transaction of $798,000.00. Following the transaction, the insider now directly owns 25,948 shares of the company’s stock, valued at $986,024. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Kevin P. Starr sold 850,000 shares of the company’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $31.25, for a total value of $26,562,500.00. Following the transaction, the director now directly owns 65,227 shares in the company, valued at $2,038,343.75. The disclosure for this sale can be found here.

Several institutional investors have modified their holdings of the company. Nationwide Fund Advisors increased its position in shares of Sage Therapeutics by 9.4% in the fourth quarter. Nationwide Fund Advisors now owns 21,143 shares of the biopharmaceutical company’s stock worth $1,233,000 after buying an additional 1,816 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Sage Therapeutics by 62.6% in the fourth quarter. Wells Fargo & Company MN now owns 24,804 shares of the biopharmaceutical company’s stock worth $1,446,000 after buying an additional 9,548 shares during the last quarter. ProShare Advisors LLC increased its position in shares of Sage Therapeutics by 8.2% in the fourth quarter. ProShare Advisors LLC now owns 25,219 shares of the biopharmaceutical company’s stock worth $1,470,000 after buying an additional 1,919 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Sage Therapeutics by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 25,578 shares of the biopharmaceutical company’s stock worth $1,491,000 after buying an additional 400 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Sage Therapeutics during the fourth quarter worth about $1,870,000.

SAGE Therapeutics, Inc is a clinical-stage biopharmaceutical company. The Company is engaged in developing and commercializing medicines to treat life-threatening, rare central nervous system (CNS) disorders. The Company’s lead product candidate in its status epilepticus (SE) program is SAGE-547. SAGE-689 and SAGE-217 are two additional product candidates in its pipeline.

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