Sage Therapeutics Inc. (NASDAQ:SAGE) shares fell 3% during mid-day trading on Tuesday . The company traded as low as $35.50 and last traded at $35.84, with a volume of 219,964 shares changing hands. The stock had previously closed at $36.95.

A number of brokerages have recently issued reports on SAGE. BMO Capital Markets reiterated a “buy” rating on shares of Sage Therapeutics in a report on Tuesday, July 12th. Chardan Capital began coverage on Sage Therapeutics in a report on Tuesday, May 24th. They issued a “sell” rating and a $18.00 price target on the stock. Leerink Swann reiterated a “buy” rating and issued a $66.00 price target on shares of Sage Therapeutics in a report on Tuesday, July 12th. HC Wainwright began coverage on Sage Therapeutics in a report on Thursday, June 23rd. They issued a “buy” rating and a $56.00 price target on the stock. Finally, William Blair reiterated an “outperform” rating and issued a $75.00 price target on shares of Sage Therapeutics in a report on Friday, July 15th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $67.00.

The company has a 50 day moving average price of $39.28 and a 200 day moving average price of $34.62. The stock’s market capitalization is $1.15 billion.

Sage Therapeutics (NASDAQ:SAGE) last released its quarterly earnings results on Tuesday, August 9th. The biopharmaceutical company reported ($1.08) EPS for the quarter, missing analysts’ consensus estimates of ($1.02) by $0.06. Equities analysts forecast that Sage Therapeutics Inc. will post ($4.42) earnings per share for the current year.

In other news, CFO Kimi Iguchi sold 5,000 shares of the stock in a transaction on Tuesday, July 12th. The stock was sold at an average price of $49.55, for a total value of $247,750.00. Following the sale, the chief financial officer now directly owns 83,739 shares in the company, valued at $4,149,267.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Albert Robichaud sold 22,000 shares of the stock in a transaction on Tuesday, July 12th. The shares were sold at an average price of $40.00, for a total value of $880,000.00. Following the completion of the sale, the insider now owns 140,222 shares in the company, valued at $5,608,880. The disclosure for this sale can be found here.

Several hedge funds recently made changes to their positions in the stock. RS Investment Management Co. LLC boosted its stake in shares of Sage Therapeutics by 14.7% in the fourth quarter. RS Investment Management Co. LLC now owns 504,405 shares of the biopharmaceutical company’s stock valued at $29,407,000 after buying an additional 64,567 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of Sage Therapeutics during the fourth quarter valued at about $14,875,000. Finally, Marshall Wace LLP bought a new stake in shares of Sage Therapeutics during the fourth quarter valued at about $1,870,000.

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. Its lead product candidate, SAGE-547 is an intravenous formulation of allopregnanolone, a neurosteroid that acts as a synaptic and extrasynaptic modulator of the GABAA receptor.

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