Oppenheimer analyst Jay Olson maintained a Buy rating on SAGE Therapeutics (SAGE) yesterday and set a price target of $170. The company’s shares closed on Thursday at $137.55.
Olson noted:
“We’re optimistic about a potential approval for Zulresso (brexanolone) based on the favorable outcome of an FDA Ad Comm. The FDA panel agreed brexanolone demonstrated clinically meaningful efficacy (Yes=18 vs. No=0). The FDA panel also agreed that safety was adequately characterized (Yes=16 vs. No=2) and the discussion focused on the sedative adverse events from clinical trials in 4/144 patients (2 were deemed unrelated). Most of the discussion was focused on the FDA’s proposed REMS strategy in a poorly defined “medically-supervised setting.” In the final vote, the panel endorsed the risk-benefit profile for brexanolone in PPD (Yes=17 vs. No=1). We view this outcome as a favorable set-up for the PDUFA (Dec. 19) and encouraging read-across ahead of SAGE-217 results in PPD.”
According to TipRanks.com, Olson has currently no stars on a ranking scale of 0-5 stars, with an average return of -4.1% and a 37.2% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Eiger Biopharmaceuticals, and Conatus Pharmaceuticals.
SAGE Therapeutics has an analyst consensus of Strong Buy, with a price target consensus of $220.25, a 60.1% upside from current levels. In a report issued on October 28, Cowen & Co. also assigned a Buy rating to the stock with a $207 price target.
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Based on SAGE Therapeutics’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $90 million and GAAP net loss of $16.98 million. In comparison, last year the company had a GAAP net loss of $73.72 million.
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SAGE Therapeutics, Inc. is a clinical stage biopharmaceutical company, which engages in the development and commercialization of novel medicines to treat life-altering central nervous system. Its programs include brexanolone, which is an acute interventional treatment for postpartum depression; and SAGE-217, an oral therapy for treatment of various CNS disorders. The company was founded by Steven Marc Paul and Douglas Covey in April 2010 and is headquartered in Cambridge, MA.
