Oppenheimer analyst Jay Olson maintained a Buy rating on SAGE Therapeutics (SAGE) today and set a price target of $170. The company’s shares opened today at $105.01.
Olson noted:
“SAGE announced the FDA has elected to extend the PDUFA for Zulresso (brexanolone) by three months until March 19, 2019. The delay is due to discussions around the Strategies (REMS) program. Recall, Zulresso had a favorable (17-1) Advisory Committee meeting with discussion focused on design and implementation of the REMS program. FDA’s goal is to provide appropriate instructions to protect patients at risk for loss of consciousness (LOC) and sedation, while eventually allowing for the broadest practical access to the drug. FDA has not requested any additional clinical data or any additional information from SAGE as part of the extension. We believe Zulresso approval is still very likely and not impacted by the delay.”
According to TipRanks.com, Olson ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -9.1% and a 32.8% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Eiger Biopharmaceuticals, and Conatus Pharmaceuticals.
Currently, the analyst consensus on SAGE Therapeutics is a Strong Buy with an average price target of $205.42, implying a 95.6% upside from current levels. In a report issued on November 5, RBC Capital also maintained a Buy rating on the stock with a $261 price target.
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The company has a one-year high of $195.97 and a one-year low of $84.31. Currently, SAGE Therapeutics has an average volume of 394.1K.
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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.
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