Shares of Sage Therapeutics Inc. (NASDAQ:SAGE) dropped 3.1% during mid-day trading on Wednesday . The company traded as low as $44.00 and last traded at $44.78, with a volume of 1,529,440 shares traded. The stock had previously closed at $46.21.

SAGE has been the subject of a number of analyst reports. Canaccord Genuity reissued a “buy” rating and issued a $110.00 price objective on shares of Sage Therapeutics in a research note on Thursday, March 24th. William Blair reissued a “buy” rating on shares of Sage Therapeutics in a research note on Sunday, March 27th. Goldman Sachs Group Inc. initiated coverage on shares of Sage Therapeutics in a research note on Wednesday, March 30th. They issued a “neutral” rating and a $83.00 price objective for the company. Leerink Swann reissued a “buy” rating and issued a $66.00 price objective on shares of Sage Therapeutics in a research note on Friday, April 8th. Finally, Zacks Investment Research cut shares of Sage Therapeutics from a “hold” rating to a “sell” rating in a research note on Wednesday, April 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $64.64.

The company’s 50-day moving average is $31.49 and its 200-day moving average is $34.98. The firm’s market capitalization is $1.36 billion.

Sage Therapeutics (NASDAQ:SAGE) last announced its quarterly earnings data on Thursday, May 5th. The biopharmaceutical company reported ($0.97) EPS for the quarter, beating the consensus estimate of ($0.98) by $0.01. Equities research analysts forecast that Sage Therapeutics Inc. will post ($4.26) EPS for the current fiscal year.

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

Other institutional investors have recently bought and sold shares of the company. BB Biotech AG purchased a new position in Sage Therapeutics during the fourth quarter valued at $41,315,000. Nationwide Fund Advisors raised its position in Sage Therapeutics by 9.4% in the fourth quarter. Nationwide Fund Advisors now owns 21,143 shares of the biopharmaceutical company’s stock valued at $1,233,000 after buying an additional 1,816 shares during the period. Casdin Capital LLC purchased a new position in Sage Therapeutics during the fourth quarter valued at $8,338,000. Wells Fargo & Company MN raised its position in Sage Therapeutics by 62.6% in the fourth quarter. Wells Fargo & Company MN now owns 24,804 shares of the biopharmaceutical company’s stock valued at $1,446,000 after buying an additional 9,548 shares during the period. Finally, GAM Holding AG raised its position in Sage Therapeutics by 74.1% in the fourth quarter. GAM Holding AG now owns 79,400 shares of the biopharmaceutical company’s stock valued at $4,629,000 after buying an additional 33,800 shares during the period.

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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