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After Oppenheimer and Morgan Stanley gave SAGE Therapeutics (NASDAQ: SAGE) a Buy rating last month, the company received another Buy, this time from J.P. Morgan. Analyst Cory Kasimov maintained a Buy rating on SAGE Therapeutics yesterday and set a price target of $205. The company’s shares closed yesterday at $128.26.
Kasimov wrote:
“Following the positive FDA in PPD last Friday (thoughts here), we thought there were a few additional and important details in today’s 3Q report. 1) The Phase 3 PPD trial for oral SAGE-217 is fully enrolled, and data is now expected in January 2019 (previously 4Q18; removal of a late year binary event could be notable from an investor point of view ); 2) in order to ensure fulfillment of the FDA REMS requirements, Zulresso will initially launch exclusively in inpatient centers of excellence and target the 20-30% of most severe patients; 3) the list price for Zulresso is expected to be in the $20-$35k range per treatment course. Bottom line: between its near-term transition to a commercial-stage company, robust clinical pipeline (with a particular focus on SAGE 217) and active discovery engine, we continue to see significant value in SAGE’s platform of neuroactive steroids.”
According to TipRanks.com, Kasimov is a 2-star analyst with an average return of 0.0% and a 37.9% success rate. Kasimov covers the Healthcare sector, focusing on stocks such as ACADIA Pharmaceuticals Inc, Allogene Therapeutics Inc, and Jounce Therapeutics Inc.
SAGE Therapeutics has an analyst consensus of Strong Buy, with a price target consensus of $216.82, which is a 69.0% 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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The company has a one-year high of $195.97 and a one-year low of $61.67. Currently, SAGE Therapeutics has an average volume of 374.4K.
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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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