Canaccord Genuity analyst Sumant Kulkarni maintained a Buy rating on SAGE Therapeutics (NASDAQ: SAGE) today and set a price target of $210. The company’s shares opened today at $148.13.
Kulkarni said:
“We like the setup heading into a catalyst-rich 2H18/2019E We are updating our model after SAGE reported its 1Q18 and provided a corporate update today (5/3). With its first product, brexanolone IV for postpartum depression (PPD), filed with potential commercialization in 1H19, and a robust pipeline of neuro- focused assets led by SAGE-217, our BUY thesis on the stock remains unchanged. In short, we like SAGE’s pipeline that targets several large central nervous system (CNS) indications where the unmet need is high (e.g., major depressive disorder, PPD, Parkinson’s, etc.) and the scarcity value that comes with robust/ripening CNS platforms. With the stock having pulled back ~25% since its 52-week high on 1/31/18, we like the setup heading into a catalyst-rich 2H18/2019E. Our DCF-based price target remains unchanged at $210.”
According to TipRanks.com, Kulkarni is a 1-star analyst with an average return of -2.9% and a 40.0% success rate. Kulkarni covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Intra-Cellular Therapies, and Alder Biopharmaceuticals.
Currently, the analyst consensus on SAGE Therapeutics is Strong Buy and the average price target is $215.50, representing a 45.5% upside.
In a report released today, Needham also maintained a Buy rating on the stock with a $193 price target.
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Based on SAGE Therapeutics’ latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $0 and GAAP net loss of $69.42 million. In comparison, last year the company earned revenue of $0 and had a GAAP net loss of $56.78 million.
Based on the recent corporate insider activity of 11 insiders, corporate insider sentiment is negative on the stock.
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SAGE Therapeutics, Inc. is a clinical stage biopharmaceutical company. The company engages in the development and commercialization of novel medicines to treat central nervous system disorders.
